Download Money mischief : episodes in monetary history by Milton Friedman PDF

April 5, 2017 | Money Monetary Policy | By admin | 0 Comments

By Milton Friedman

Discusses the production of worth, explains the function of financial concept, and the current financial method of the us. The island of stone cash -- The secret of cash -- The crime of 1873 -- A counterfactual workout : estimating the impact of continuous bimetallism after 1873 -- William Jennings Bryan and the cyanide technique -- Bimetallism revisited -- FDR, silver, and China -- The reason and therapy of inflation -- Chile and Israel : exact regulations, contrary results -- financial coverage in a fiat international -- An epilogue Friedman makes transparent as soon as and for all that not anyone is immune from financial economics-that is, from the results of its idea and its practices. He demonstrates via old occasions the mischief which could end result from false impression the financial method. Index

Show description

Read or Download Money mischief : episodes in monetary history PDF

Best money & monetary policy books

Monetary Policy in the Euro Area: Strategy and Decision-Making at the European Central Bank

How and for whose gain the eu relevant financial institution (ECB) will paintings is likely one of the most vital matters dealing with Europe, and has been the topic of giant media and educational curiosity. a lot of this dialogue has been of an more and more emotional and political nature and has served to blur instead of tell.

Gold And The Gold Standard: The Story Of Gold Money Past, Present And Future

Gold and the top of the line: the tale of Gold funds, earlier, current, and destiny is Edwin Walter Kemmerer's significant treatise. one of many twentieth century's unsung heroes, Kemmerer was once an economics professor at Princeton and was once a sought-after "money health professional" within the interwar interval, aiding international locations determine and keep robust currencies among 1923 and 1933.

Banking Crises: Perspectives from The New Palgrave Dictionary

Why do banks cave in? Are monetary platforms extra fragile in fresh a long time? Can guidelines to mend the banking procedure do extra damage than strong? what is the heritage of banking crises? With dozens of short, non-technical articles by means of economists and different researchers, Banking Crises deals solutions from various scholarly viewpoints.

Additional info for Money mischief : episodes in monetary history

Example text

The examples of the stone money of Yap, of cigarettes in Germany after World War II, and of paper money currently make clear that this "metallist" view is a fallacy. The usefulness of items for consumption or other nonmonetary purposes may have played a role in their acquiring the status of money (though the example of the stone money of Yap indicates that this has not always been the case). But once they acquired the status of money, other factors clearly affected their exchange value. The nonmonetary value of an item is never a fixed magnitude.

They alter no tastes. They alter neither the apparent nor the actual rates at which consumers wish to substitute one commodity for another or at which producers can substitute one commodity for another in production. Hence, the final equilibrium will be a nominal income of $40,000 per representative individual instead of $20,000, with precisely the same flow of real goods and services as before. It is much harder to say anything about the transition. To begin with, some producers may be slow to adjust their prices and may produce more for the market at the expense of nonmarket uses of resources.

Yet it is fit only for lighting the fire. Whence the difference? The printing on the five-dollar bill gives no answer. " Did that mean the government would give you something tangible for the paper? No, it meant only that if you had gone to a Federal Reserve bank and asked a teller to redeem the promise, the teller would have given you five identical pieces of paper having the number 1 in place of the number 5 and George Washington's picture in place of Abraham Lincoln's. 00 as metal. The present wording—no longer with a "promise to pay"—is at least more candid, if equally unrevealing.

Download PDF sample

Rated 4.12 of 5 – based on 17 votes