The Way We Talk (and Don’t Talk) About Money

Victoria Chick, a student of Hyman Minsky’s, elaborates on an issue that often strikes non-economists as somewhere between scandalous and baffling:  the absence of any substantive acknowledgment of money in much of contemporary economics and economic modelling.

(Particularly interesting around the 12:10 mark, where Chick argues that faulty or outdated language in relation to banking helps reinforce misunderstandings about deposits, lending, and the relationship between the two.)

(via David Fields)

For more on this question of how to understand money and its role in our economic systems, see this working paper.