I find that none of these answers is fully satisfactory as they either fail to justify the nature of money as debt or are logically inconsistent. If you want to know why, please take a look!

The article reviews and assesses the answers given by credit theories to this question. These are: money is (i) a promise to pay nothing; (ii) a promise to pay something else (goods); (iii) a promise to pay itself; and (iv) a promise to accept, not to pay.

Disclaimer: Many activities necessary for the green transition will never be bankable, and therefore will never be attractive for financial investors. As a result, the state should directly provide the necessary financing.
You can find our full policy report here: www.uni-wh.de/en/your-camp...