By Milton Friedman
Discusses the construction of worth, explains the function of economic thought, and the current financial approach of the U.S.. The island of stone funds -- The secret of cash -- The crime of 1873 -- A counterfactual workout : estimating the influence of continuous bimetallism after 1873 -- William Jennings Bryan and the cyanide method -- Bimetallism revisited -- FDR, silver, and China -- The reason and remedy of inflation -- Chile and Israel : exact guidelines, contrary results -- financial coverage in a fiat international -- An epilogue Friedman makes transparent as soon as and for all that nobody is immune from financial economics-that is, from the consequences of its thought and its practices. He demonstrates via historic occasions the mischief which can consequence from false impression the financial procedure. Index
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Extra resources for Money mischief : episodes in monetary history
At last, by a happy thought, the fine was exacted by sending a man to every failu and pabai throughout the disobedient districts, where he simply marked a certain number of the most valuable fei with a cross in black paint to show that the stones were claimed by the government. This instantly worked like a charm; the people, thus dolefully impoverished, turned to and repaired the highways to such good effect from one end of the island to the other, that they are now like park drives. Then the government dispatched its agents and erased the crosses.
Since the appearance of the helicopter did not change his real income or any other basic condition, we can answer unambiguously: to the former level. How rapidly does he want to return to the former level? To this question we have no answer. The answer depends on characteristics of his preferences that are not reflected in the stationary equilibrium position. We know only that each individual will seek to reduce his cash balances at some rate. He will do so by trying to spend more than he receives.
00 worth of cigarettes. And both of us were happy. 00? 00. As currency, cigarettes were typically traded by the pack, or even the single cigarette, not by the carton—that would have been far too high a denomination for most purchases. Foreigners often expressed surprise that Germans were so addicted to American cigarettes that they would pay a fantastic price for them. " As the example of cigarettes (or cognac) suggests, an amazing variety of items have been used as money at one time or another.