The state is the most important of all our institutional innovations. It is the ultimate guarantor of security. But its power also makes it frightening. For this reason, people sometimes pretend it is weaker than it is. In one area of economics, this is particularly true: money. Money is a creature of the state. Modern monetary theory, a controversial account of this truth, is analytically correct, so far as it goes. But where it does not go is crucial: money is a powerful tool, but it can be abused.
国家是我们所有制度创新中最重要的。它是安全的终极保证。但它的力量也令人恐惧。出于这个原因，人们有时会佯称它没有那么强大。在manbetx20客户端下载 学的货币领域尤其如此。货币是国家创造的产物。现代货币理论对这一事实进行了有争议的描述，在某种程度上其分析是正确的。但它没有谈及的地方至关重要：货币是一个强大的工具，但它可能被滥用。
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