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Modern Monetary Theory (MMT or Modern Money Theory), also known as neochartalism, is an economic theory that details the procedures and consequences of using government-issued tokens as the unit of money, i.e., fiat money. According to modern monetary theory, "governments with the power to issue their own currency are always solvent, and can afford to buy anything for sale in their domestic unit of account even though they may face inflationary and political constraints".〔Éric Tymoigne and L. Randall Wray, ("Modern Money Theory 101: A Reply to Critics," ) Levy Economics Institute of Bard College, Working Paper No. 778 (November 2013).〕 In contrast to orthodox monetarism, MMT explains inflation as being caused primarily by resource constraints rather than monetary expansion. MMT aims to describe and analyze modern economies in which the national currency is fiat money, established and created by the government. In many systems, banks can create money but these horizontal transactions do not increase net financial assets as assets are offset by liabilities. In addition to deficit spending, valuation effects e.g. growth in stock price can increase net financial assets. In MMT, money enters circulation through government spending. Taxation and its legal tender power to discharge debt establish the fiat money as currency, giving it value by creating demand for it in the form of a private tax obligation that must be met. In addition, fines, fees and licenses create demand for the currency. This can be a currency issued by the government, or a foreign currency such as the euro.〔Mosler, Warren. ("Soft Currency Economics" ), January 1994〕〔Tcherneva Pavlina R. ("Chartalism and the tax-driven approach to money" ), in ''A Handbook of Alternative Monetary Economics'', edited by Philip Arestis & Malcolm C. Sawyer, Elgar Publishing (2007), ISBN 978-1-84376-915-6〕 An ongoing tax obligation, in concert with private confidence and acceptance of the currency, maintains its value. Because the government can issue its own currency at will, MMT maintains that the level of taxation relative to government spending (the government's deficit spending or budget surplus) is in reality a policy tool that regulates inflation and unemployment, and not a means of funding the government's activities per se. ==Background== Modern Monetary Theory synthesises ideas from the ''State Theory of Money'' of Georg Friedrich Knapp (also known as Chartalism) and ''Credit Theory of Money'' of Alfred Mitchell-Innes, the functional finance proposals of Abba Lerner, Hyman Minsky's views on the banking system and Wynne Godley's Sectoral balances approach. Knapp, writing in 1905, argued that "money is a creature of law" rather than a commodity. At the time of writing the Gold Standard was in existence, and Knapp contrasted his state theory of money with the view of "metallism", where the value of a unit of currency depended on the quantity of precious metal it contained or could be exchanged for. He argued the state could create pure paper money and make it exchangeable by recognising it as legal tender, with the criterion for the money of a state being "that which is accepted at the public pay offices".〔 The prevailing view of money was that it had evolved from systems of barter to become a medium of exchange because it represented a durable commodity which had some use value, but proponents of MMT such as Randall Wray and Mathew Forstater argue that more general statements appearing to support a chartalist view of tax-driven paper money appear in the earlier writings of many classical economists,〔 including Adam Smith, Jean-Baptiste Say, J.S. Mill, Karl Marx and William Stanley Jevons Alfred Mitchell-Innes, writing in 1914, argued that money existed not as a medium of exchange but as a standard of deferred payment, with government money being debt the government could reclaim by taxation. Innes argued: Knapp and "chartalism" were referenced by John Maynard Keynes in the opening pages of his 1930 ''Treatise on Money''〔Keynes, John Maynard: ''A Treatise on Money'', 1930, pp. 4, 6〕 and appear to have influenced Keynesian ideas on the role of the state in the economy. By 1947, when Abba Lerner wrote his article ''Money as a Creature of the State'', economists had largely abandoned the idea that the value of money was closely linked to gold.〔 Lerner argued that responsibility for avoiding inflation and depressions lay with the state because of its ability to create or tax away money. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Modern Monetary Theory」の詳細全文を読む スポンサード リンク
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