currency_exchange Monetary Theory
Study of money and its role in economy
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"In countries where money is plentiful, all other things being equal, a greater quantity of money is given for goods and services than where money is scarce. Whence it follows that money itself, like any other commodity, is worth more where it is scarce than where it is abundant."
menu_book Comentario Resolutorio de Cambios (Commentary on Exchange)
View Full Quote"We see by experience that in France, where money is scarcer than in Spain, bread, wine, cloth, and labour are worth much less. And even in Spain, before the discovery of the Indies, goods and labour were much cheaper than they are today, for the reason that there was then much less money."
menu_book Comentario Resolutorio de Cambios (Commentary on Exchange)
View Full Quote"A sum of money today is worth more than the same sum to be received in the future. This is not only the common estimation of men, but is grounded in reason: present goods are available for present needs; future goods must be awaited, and in the meantime their possession is uncertain."
menu_book Comentario Resolutorio de Cambios (Commentary on Exchange)
View Full QuoteView Full Quote"I don't believe that we shall ever have good money again before we take the thing out of the hands of government. Because we can't take them violently out of the hands of government, all we can do is by some sly or round-about way introduce something they can't stop."
"What difference does it make whether a man is despoiled of his fortune openly and by force, or secretly, by stealth — whether through a bandit on the road or through a prince who debases the currency by which all things are measured?"
menu_book De Rege et Regis Institutione (On the King and the Royal Institution)
View Full Quote"Money has not been generated by law. In its origin it is a social, and not a state institution. Sanction by the authority of the state is a notion alien to it."
menu_book On the Origin of Money
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Bitcoin: A Peer-to-Peer Electronic Cash System
The foundational whitepaper introducing Bitcoin as a decentralized digital currency. Proposes a system for electronic transactions without relying ...
Read MoreComentario Resolutorio de Cambios (Commentary on Exchange)
Martín de Azpilcueta's 1556 treatise on monetary exchange, containing the earliest clear statement of what would become the quantity theory of mone...
Read MoreAn Essay on the Nature of Trade in General
Pioneering work in economic theory written around 1730, covering entrepreneurship, market pricing, monetary economics, and the circular flow, consi...
Read MoreThe Ethics of Money Production
Analysis of the moral implications of money production, arguing that fiat money and fractional reserve banking involve moral hazards and violate pr...
Read MoreOn the Origin of Money
Menger's influential essay explaining how money emerged spontaneously from barter as the most marketable commodity, without need for government dec...
Read MoreTreatise on the Origin, Nature, Law, and Alterations of Money
Medieval treatise criticizing currency debasement and government manipulation of money, one of the earliest works in monetary economics
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psychology Concepts
The Cantillon Effect
The Cantillon Effect is an economic concept explaining how newly created money does not affect everyone equally. When new money enters the economy,...
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