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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Lambert Strether</author_name><author_url>https://www.nakedcapitalism.com/author/lambert-strether</author_url><title>Dan Kervick: Hyper-Endogeneity | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="LFHNsOujOw"&gt;&lt;a href="https://www.nakedcapitalism.com/2013/08/hyper-endogeneity.html"&gt;Dan Kervick: Hyper-Endogeneity&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2013/08/hyper-endogeneity.html/embed#?secret=LFHNsOujOw" width="600" height="338" title="&#x201C;Dan Kervick: Hyper-Endogeneity&#x201D; &#x2014; naked capitalism" data-secret="LFHNsOujOw" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>By Dan Kervick, who does research in decision theory and analytic metaphysics. Originally posted at New Economic Perspectives.   Some people believe in endogenous money. They believe we live in a monetary system is which money is generated and extinguished as part of the ordinary flow of everyday economic activity. The economy tends to generate the money it needs in order to satisfy the exchange desires and saving preferences of participants in the economy, and to extinguish the money it doesn&#x2019;t need. The endogenous money picture is in some considerable tension with the idea that the monetary system is controlled by the government. The alternative exogenous money picture holds that the issuance and destruction of money is a task reserved for government alone, and that the total amount of money present in the economy is therefore a government policy choice.</description></oembed>

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