How Heterodox Is the Heterodoxy of the Monetary
... immediate link (for example, of convertibility) with any commodity that could be produced through human work. This at least is the position which the founders of neoclassical monetary theory explicitly adopted (including certainly Carl Menger, Alfred Marshall, Ludwig von Mises, Arthur Pigou and Char ...
... immediate link (for example, of convertibility) with any commodity that could be produced through human work. This at least is the position which the founders of neoclassical monetary theory explicitly adopted (including certainly Carl Menger, Alfred Marshall, Ludwig von Mises, Arthur Pigou and Char ...
Fiat Money Begins
... Money must interact with citizens to be valued. This is a “chicken and egg” situation, which comes first? Citizens must have fiat money before it can be valued, but money must have value before citizens will accept the initial issue in exchange for goods and services. Like the chicken and egg, money ...
... Money must interact with citizens to be valued. This is a “chicken and egg” situation, which comes first? Citizens must have fiat money before it can be valued, but money must have value before citizens will accept the initial issue in exchange for goods and services. Like the chicken and egg, money ...
Money demand in the euro area
... by non-monetary financial institutions as well as the strong growth in marketable instruments. Such increases are likely to be related more to portfolio choices than to transaction motives and therefore do not lead automatically to a corresponding price increase. Based on a simple comparison between ...
... by non-monetary financial institutions as well as the strong growth in marketable instruments. Such increases are likely to be related more to portfolio choices than to transaction motives and therefore do not lead automatically to a corresponding price increase. Based on a simple comparison between ...