Search results
Results from the WOW.Com Content Network
Money was invented before written history began. [1] [2] Consequently, any story of how money first developed is mostly based on conjecture and logical inference.A significant amount of evidence establishes that many things were traded in ancient markets that could be described as a medium of exchange.
According to Rothbard, increasing the supply of money confuses society's ability to calculate relative costs during the time of monetary expansion. This is because the money is not injected into all areas of the economy at once, resulting in what Rothbard describes as deceiving investors with "wasteful booms" and subsequent readjustments ...
The Ascent of Money: A Financial History of the World is a 2008 book by then-Harvard professor Niall Ferguson, [1] and an adapted television documentary for Channel 4 (UK) and PBS (US), [2] which in 2009 won an International Emmy Award. It examines the long history of money, credit, and banking.
The author, only 23 years old at the time, started with the history of Italian coinage, going back to the Greeks and Romans. Discarding the contemporary view of the origin of money through centrally planned contracts, Galiani proposes that money tends to arise spontaneously, through the need for trade, anticipating the Austrian school of economics by well over a century.
A Monetary History of the United States, 1867–1960 is a book written in 1963 by future Nobel Prize-winning economist Milton Friedman and Anna Schwartz.It uses historical time series and economic analysis to argue the then-novel proposition that changes in the money supply profoundly influenced the United States economy, especially the behavior of economic fluctuations.
He thus advocated for the abolition of all paper money, starting with bills of smaller denominations. [5] According to historian Paul Conkin, Gouge's treatise was the "most widely read book on serious economic issues" in U.S. history prior to the publication of Progress and Poverty in 1879. [6]
Money velocity had been stable and grew consistently until around 1980 (green). After 1980 (blue), money velocity became erratic and the monetarist assumption of stable money velocity was called into question. [94] Monetarism attracted the attention of policy makers in the late-1970s and 1980s.
Credit theories of money, also called debt theories of money, are monetary economic theories concerning the relationship between credit and money. Proponents of these theories, such as Alfred Mitchell-Innes , sometimes emphasize that money and credit/ debt are the same thing, seen from different points of view. [ 1 ]