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
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Additional info for Money mischief : episodes in monetary history
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.