Finally picked up this classic piece of #Chartalism : G. F. Knapp's 'State theory of money' as an untranslated reprint from 2018

#MMT

Of course, large multicultural metropolitan societies being what they are, there is more than one cultural model of #economics. An example is what has historically been referred to as #chartalism, now known as #ModernMonetaryTheory or #MMT. #MMT is much less superstitious and relies much less on the kind of magical thinking than the kind of thinking currently happening in the Australian RBA.

The main difference, is that the cultural model MMT identifies the 'inflation' number as originating, not from a magical interpersonal relationship between 'suppliers' and 'demanders', but instead from the underlying economic potential of a market in which a specific currency is used for exchange. MMT recognises that individual members of a society do not have personal relationships with numbers, but instead have interpersonal relationships with other members of the same society.