please answer
1. What is "money"?
2. How does MMT differ from the way money is modeled by other schools of thought?
3. Specifically, how do Walras and Arrow & Debreu model money?
4. Does money have anything to do with institutions, or does money exist independently from an economy's institutions?
Part B. Contrast the Schumpeter/Romer model and the Marxian model. Both deal with innovation and the intentional introduction of technological changes, but the motivations are somewhat different. Explain the similarities and differences between the two models.
1. Money is anything that serves as a medium of exchange (so that people can use and accept it while making transactions), store of value (so that it can be saved, recovered and exchanged at a later time, and it should be useful when it is retrieved in future), and unit of account (so that it can be used as a monetary unit to measure value/cost of goods, assets, liabilities, income, expenses etc).
please answer 1. What is "money"? 2. How does MMT differ from the way money is...
please answer 1. What is "money"? 2. How does MMT differ from the way money is modeled by other schools of thought? 3. Specifically, how do Walras and Arrow & Debreu model money? 4. Does money have anything to do with institutions, or does money exist independently from an economy's institutions? Part B. Contrast the Schumpeter/Romer model and the Marxian model. Both deal with innovation and the intentional introduction of technological changes, but the motivations are somewhat different. Explain the...