Updated 65 days ago
This article explains the credit theory of money - how money is created, circulated, and destroyed in a modern economy. Explanations are given from first principles using simple examples to show what money really is and the best way to think about it. Although it may not be obvious at first, the theory actually applies to all kinds of money once people are willing to owe money to one another. A brief overview of the different kinds of money is given next.
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