What Should Brazilian Economists and Policy Makers have Learned from the Crisis?
By now (2012), economists should know better than to rely on private borrowing alone to keep economies from underperforming.
By now (2012), economists should know better than to rely on private borrowing alone to keep economies from underperforming.
This paper, from Oeconomicus, Volume V, Winter 2002, explores the basis for understanding modern monetary systems as rooted in the monopoly powers of the State.