On the Austrian Theory of Money, a Reply to David Graeber
(Austrian) Economics, HistoryDavid Graeber and Robert Murphy have been debating the validity of the monetary regression theory. They seem to be talking past one another. Graeber is assuming that Austrian theory agrees with neo-classical theory in areas where it does not, and Murphy is assuming that Graeber is substantially more familiar with Austrian ideas than he seems to be. To clear up the confusion, we need to take a step back and start at the beginning.
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