Arnold Kling, after telling MMT proponents that sometimes printing money can cause prices to rise too quickly:
Consider another group of crackpots, the gold standard advocates. They say that a dollar should be a physical unit of measurement, meaning x grams of gold. Having the value of the dollar fluctuate is like having the length of an inch fluctuate–how can you conduct business when that is happening?
I would much rather turn my country over to gold-standard crackpots than to MMT crackpots, thank you very much. (By a crackpot, I mean someone with the characteristics that Huemer associates with irrationality. I expect to see a lot of comments on this post with those characteristics.)
To now quote from the leader of these crackpots:
What has been said should have made sufficiently plain the unscientific nature of the practice of attributing to money the function of acting as a measure of price or even of value. Subjective value is not measured, but graded….Money has thus become an aid that the human mind is no longer able to dispense with in making economic calculations. If in this sense we wish to attribute to money the function of being a measure of prices, there is no reason why we should not do so. Nevertheless, it is better to avoid the use of a term which might so easily be misunderstood as this. In any case the usage certainly cannot be called correct – we do not usually describe the determination of latitude and longitude as a ‘function’ of the stars.—-Ludwig von Mises, Theory of Money and Credit p. 47 and 49