cross-posted from: https://thelemmy.club/post/12591808
- Jared Bernstein, Joe Biden’s Chief Economist, faced difficulties explaining money’s workings in a documentary or Finding The Money,’ despite his role.
- He stumbled through concepts, highlighting the confusion around government money printing and borrowing
- Bernstein, who is head of the US Council of Economic Advisers, is not formally trained in economics and appeared bewildered in the clip
Marx defines money in chapter 3 of capital. Here’s an excerpt, better to read the whole thing.
https://www.marxists.org/archive/marx/works/1867-c1/ch03.htm