"There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen." Frederic Bastiat
«Money or Money Substitutes? Implications of Selgin’s Small Change Challenge»
ABSTRACT: Selgin (2009) questions the practicality of 100 percent reserve requirements applied to small change. He interprets the private coinage of small change in 18th century England as embodying fiduciary media and concludes that requiring 100 percent reserves would have led to very high costs. This paper provides an alternative interpretation of the private coinage episode in England as embodying money itself, not fiduciary media, and uses historical details in Selgin (2008) as support of that interpretation. This leads to a discussion of the Misesian typology of money and his distinction between money and money substitutes.
Más literatura para el mismo debate, que ya se abre en una decena de debates!
Es muy buen artículo. Malavika está en tercer año de su doctorado en Suffolk University. Trabajó y presentó el paper en el Mises Institute el verano pasado.
Interesante propuesta de Malavika Nair.
«Money or Money Substitutes? Implications of Selgin’s Small Change Challenge»
ABSTRACT: Selgin (2009) questions the practicality of 100 percent reserve requirements applied to small change. He interprets the private coinage of small change in 18th century England as embodying fiduciary media and concludes that requiring 100 percent reserves would have led to very high costs. This paper provides an alternative interpretation of the private coinage episode in England as embodying money itself, not fiduciary media, and uses historical details in Selgin (2008) as support of that interpretation. This leads to a discussion of the Misesian typology of money and his distinction between money and money substitutes.
Más literatura para el mismo debate, que ya se abre en una decena de debates!
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Es muy buen artículo. Malavika está en tercer año de su doctorado en Suffolk University. Trabajó y presentó el paper en el Mises Institute el verano pasado.
Me gustaMe gusta