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The first book of The General Theory of Employment, Interest and Money is a repudiation of Say's law. The classical view for which Keynes made Say a mouthpiece held that the value of wages was equal to the value of the goods produced, and that the wages were inevitably put back into the economy sustaining demand at the level of current production.
The alternative to a commodity money system is fiat money which is defined by a central bank and government law as legal tender even if it has no intrinsic value. Originally fiat money was paper currency or base metal coinage, but in modern economies it mainly exists as data such as bank balances and records of credit or debit card purchases, [3] and the fraction that exists as notes and coins ...
The Philosophy of Money (1900; German: Philosophie des Geldes) [1] is a book on economic sociology by German sociologist and social philosopher Georg Simmel. [2] Considered to be the theorist's greatest work, Simmel's book views money as a structuring agent that helps people understand the totality of life. [2]
Legal tender, or narrow money (M0) is the cash created by a Central Bank by minting coins and printing banknotes. Bank money, or broad money (M1/M2) is the money created by private banks through the recording of loans as deposits of borrowing clients, with partial support indicated by the cash ratio. Currently, bank money is created as ...
The transition away from Bretton Woods was marked by a switch from a state led to a market led system. [6] The Bretton Wood system is considered by economic historians to have broken down in the 1970s: [16] crucial events being Nixon suspending the dollar's convertibility into gold in 1971, the United States' abandonment of capital controls in ...
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 interaction between money growth rules and interest rates plays a crucial role in shaping inflation expectations and monetary policy effectiveness. [6] Money multiplier effects; Changes in the monetary base influence the money multiplier, affecting the broader money supply and credit creation process. [7] Portfolio rebalancing
The Richest Man in Babylon is a 1926 book by George S. Clason that dispenses financial advice through a collection of parables set 4,097 years earlier, in ancient Babylon.The book remains in print almost a century after the parables were originally published, and is regarded as a classic of personal financial advice.