This issue has come up over and over again in some circle, in fact earlier this year a fellow economist ask me this same questions.

As a policy maker i will like to explain.

Lets start by defining money
WHAT IS MONEY:
First i will like to define money as anything that serves as a medium of exchange; that facilitates trade.
The Introduction of money which serves as a unit of measurement permanently solved the problem of the barter economy which necessitate goods being directly exchange for goods.

MERCANTILISM AND MONEY:
One of the main tenets of mercantilist thought was that a nation's wealth depend primarily on the amount of gold or bullion that a nation could accumulate.
Hence Mercantilism is a national economic policy aimed at accumulating monetary reserves through a positive balance of trade; in a simple language this policy aims at accumulating gold and precious metals which serves as money (through export of goods to colonies with out import of finished goods from this colonies) and a medium of exchange in Europe, to achieve this aim the then British Government made policy that will discourage import such as the corn laws which made imported goods artificially high and locally made goods cheaper which was produced with cheap labour with the aid of the combination law which outlawed labour union ;their intent was to keep British goods low so that British goods would have an advantage in the world market.
This policy did not serve the interest of the common masses, it only made the government and land owners/industralist powerful.


ADAMS SMITH VIEW:
Around 1776 adams smith wrote a book titled "THE WAELTH OF NATIONS " this book was a direct attack on the crude mercantilism idea about export with out import/ money accumulation;little wonder he states a law/principle called absolute advantage.
Smith states that the wealth of a nation is the total goods and services produced in an economy which in todays we called GDP(gross domestic product or GNP gross national product)
SMITH AND THE CLASSICAL ECONOMIST ADVISED GOVERNMENT TO MAKE POLICIES THAT WOULD ENCOURAGE THE PRODUCTION OF THESE GOODS AND SERVICES AS OPPOSED THE ACCUMMULATION /PRINTING OF MONEY

QUANTITY THEORY OF MONEY:
prior to Adam Smith, early phylosophers such as David Hume argued that rapid growth in the supply of money caused inflation. Nearly a hundred years ago some classical economist such as Alfred Marshall, Irving Fisher formalized a theory called quantity theory of money which state that an increase in the supply of money will lead to a proportional increase in the price level

SHOULD GOVERNMENT PRINT MORE MONEY? :
Government do print out money but under some strict guidelines, they have to look at the total worth of the economy (monetary value of goods and seevices being produced])
Printing out money to pay workers, construct roads, finance budget will only lead to a hyper inflation, THIS WILL TROW THE ECONOMY OFF BALANCE, your money will become worthless as paper as more money will chase few goods.

SOLUTIONS :
government should tighten it fiscal policy, government should see taxes as a means to generate funds for infrastructural development hence using these funds to diversify from oil which is the main cause of our economy woes, government should find a lasting solution to power, infact president Buhari should look at how he can invite Geometric power from Brazil to see how we can solve this problem once.

FINALLY OUR ECONOMY PRODUCED LITTLE , AS COMPANIES CAN NOT EXPAND DUE TO THE PROBLEM POSED TO THEM BY POWER , GOOD ROAD NETWORK AND INSECURITY .
THIS IS THE MAIN REASON OF THE MASSIVE RATE OF UNEMPLOYMENT IN THE COUNTRY, WHERE WE IMPORT EVERYTHING THEREBY LOSING OUR FOREIGN EXCHANGE , EMPLOYMENT OPPORTUNITIES TO CHINA AND THE REST OF OUR TRADING partner

Nice article
cc: Scofieldsimba tonyebarcanista lalasticlala

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