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Author: Charles Moore Publisher: charles ISBN: Category : Business & Economics Languages : en Pages :
Book Description
If we turn to the questions “what is money and what not money is?” and “what is barter and what is not barter?” economists lead us down a path to incoherence and useless definitions. Barter is probably the most misunderstood economic function on the planet. The outcome is that economists have a broad definition of money and a narrow definition of barter, so broad and so narrow, respectively, that they are useless. They also lead to incoherent and inconsistent outcomes. Hence the analysis of money, proceeds from the principle that all essential phenomena of economic life are capable of being described in terms of goods and services, of decisions about them and of relations between them. Money spontaneously enters the picture in order to mediate transactions via its existence as a numeraire of exchange value, it does not affect the economic process of trade. It is man’s varying skills and different needs that prompted the exchange of goods and services. Thus came the need for a form of valuation that would determine how much or how many one kind of commodity should be exchanged with another good of a different quantity (or mass and volume). This ancient predicament of setting fair trade values gave birth to crude valuation tools and solutions, like counting and weighing. Thus the spontaneous emission of a numeraire to mediate barter based instantaneous exchanges of goods and services was observed. Its existence is a natural by-product of trade, it is not the creation of man or law, money is born solely from trade, and hence without trade money cannot exist. All instantaneous barter based exchanges, emit monetary exchange value. This foundational understanding, addresses the centauries of incoherent inconsistencies of economics.
Author: Charles Moore Publisher: charles ISBN: Category : Business & Economics Languages : en Pages :
Book Description
If we turn to the questions “what is money and what not money is?” and “what is barter and what is not barter?” economists lead us down a path to incoherence and useless definitions. Barter is probably the most misunderstood economic function on the planet. The outcome is that economists have a broad definition of money and a narrow definition of barter, so broad and so narrow, respectively, that they are useless. They also lead to incoherent and inconsistent outcomes. Hence the analysis of money, proceeds from the principle that all essential phenomena of economic life are capable of being described in terms of goods and services, of decisions about them and of relations between them. Money spontaneously enters the picture in order to mediate transactions via its existence as a numeraire of exchange value, it does not affect the economic process of trade. It is man’s varying skills and different needs that prompted the exchange of goods and services. Thus came the need for a form of valuation that would determine how much or how many one kind of commodity should be exchanged with another good of a different quantity (or mass and volume). This ancient predicament of setting fair trade values gave birth to crude valuation tools and solutions, like counting and weighing. Thus the spontaneous emission of a numeraire to mediate barter based instantaneous exchanges of goods and services was observed. Its existence is a natural by-product of trade, it is not the creation of man or law, money is born solely from trade, and hence without trade money cannot exist. All instantaneous barter based exchanges, emit monetary exchange value. This foundational understanding, addresses the centauries of incoherent inconsistencies of economics.
Author: Mr.Luca Antonio Ricci Publisher: International Monetary Fund ISBN: 1451849834 Category : Business & Economics Languages : en Pages : 42
Book Description
This paper investigates the circumstances under which it is beneficial to participate in a currency area. A two-country monetary model of trade with nominal rigidities encompasses the real and monetary arguments suggested by the optimum currency area literature: correlation of real shocks, international factor mobility, fiscal adjustment, openness, difference in national inflationary biases, correlation of monetary shocks, and benefits of a single currency. The effect of openness on the net benefits is ambiguous, contrary to the usual argument that more open economies are better candidates for a currency area. Countries do not necessarily agree on whether a given currency union should be created.
Author: Mr.Robert P. Flood Publisher: International Monetary Fund ISBN: 145184574X Category : Business & Economics Languages : en Pages : 24
Book Description
Starting with Friedman and Mundell the academic literature has conducted a high level debate concerning the design of cross-country monetary arrangements. That debate has become very complex and the data requirements necessary for appropriate application of the principles developed are far beyond the means of the very nations for which the principles might be valuable. In this paper we return to the simplicity of the early arguments and formalize them in a way that may be helpful for currency area decisions where little is known about economic structure.
Author: Harry Johnson Publisher: Routledge ISBN: 1135055262 Category : Business & Economics Languages : en Pages : 301
Book Description
Gathering together the papers presented at the Madrid Conference on Optimum Currency Areas in 1970 this volume represents one of the first complete surveys of the theory and policy implication of monetary integration. The book discusses: the economics of fixed exchange rates relevant to monetary relations within an integrated monetary area the evolution of economic doctrine and a survey of optimum currency area theory problems of policy co-ordination within a currency area relevance of the monetary-fiscal policy mix problems of monetary union in developing countries the book predicted the establishment of an European currency but presented the case for greater flexibility of exchange rates as an alternative to currency unification.
Author: Bank for International Settlements. Monetary and Economic Department Publisher: ISBN: 9789291976553 Category : Currency boards Languages : en Pages : 155
Author: International Monetary Fund. External Relations Dept. Publisher: International Monetary Fund ISBN: 1451952562 Category : Business & Economics Languages : en Pages : 56
Book Description
SlNCE the dissolution of the Soviet Union, most of the former member states have retained the ruble as their national currency but have followed independent monetary policies. Such a combination is not sustainable. With mounting disarray in the ruble area, each state must now quickly adopt either a common monetary policy or a separate national currency.
Author: Stefano Battilossi Publisher: Springer ISBN: 9789811305955 Category : Business & Economics Languages : en Pages : 0
Book Description
This handbook provides a comprehensive overview of state-of-the-art research in the field of monetary and financial history. The authors comprise different generations of leading scholars from universities worldwide. Thanks to its unrivaled breadth both in time (from antiquity to the present) and geographical coverage (from Europe to the Americas and Asia), the volume is set to become a key reference for historians, economists, and social scientists with an interest in the subject. The handbook reflects the existing variety of scholarly approaches in the field, from theoretically driven macroeconomic history to the political economy of monetary institutions and the historical evolution of monetary policies. Its thematic sections cover a wide range of topics, including the historical origins of money; money, coinage, and the state; trade, money markets, and international currencies; money and metals; monetary experiments; Asian monetary systems; exchange rate regimes; monetary integration; central banking and monetary policy; and aggregate price shocks.
Author: Charles Moore
Author: Charles Moore
Author: John R. Presley
Author: Mr.Luca Antonio Ricci
Author: Mr.Robert P. Flood
Author: Harry Johnson
Author: Edward Tower
Author: Joseph Aschheim
Author: Bank for International Settlements. Monetary and Economic Department
Author: International Monetary Fund. External Relations Dept.
Author: Stefano Battilossi