For the following, mark ‘T’ if the statement corresponds most closely with the traditional (mainstream/neoclassical/textbook) story of money, and 'M' if it corresponds to the story told by MMT (I've ended up getting a 3/7 on this and I'm not sure which one I got right or wrong.)
Money is inherently tied up with the state’s power to command society’s resources:
___M___
Money was developed to economize on (reduce) transaction costs:
___M___
Money is a credit-debt relationship whose value as money stems from its generally acceptability:
___T___
Government deficits must either crowd out private investment or devalue the currency:
___T___
Money in the US today can be likened to scorekeeping, in that the park never risks running out of points to put up on the scoreboard
___M___
Following Abba Lerner, the focus of government spending and taxing policy should be the real impact on the economy, not the size of the deficits or debt
___T___
The role of banks and government in money was initially to store and vouch for the purity of the commodity money
___M___