Is It Money Because It Is Redeemed in Tax Payments? A Response to Kelton and Wray

The article, published in the Quarterly Journal of Austrian Economics, is a response to economists Kelton and Wray, who argue that money is defined by its ability to be redeemed with taxes. The author, Per Bylund, argues against this chartalist view, arguing that money derives from its nature as a medium of exchange that arises spontaneously in the market and not from the coercive power of the state. https://qjae.mises.org/article/77380-is-it-money-because-it-is-redeemed-in-tax-payments-a-response-to-kelton-and-wray