bureaucracy and enforcement of the legal system endogenously. In particular we consider money systems as constructs to make agents … strategic market games representing government-issued fiat money and ideal commodity money as two cases. We endogenize the … provision of money and rules for its use as productive activities within the society, and consider the problem of transition …

mechanism has a distinguished commodity -- the money -- that serves as the sole medium of exchange. As m approaches infinity it …

theories of money both have their validity and reasons for coexistence. The drive for increasing efficiency in the payment …

mechanism has a distinguished commodity -- the money -- that serves as the sole medium of exchange and mediates trade between …

money and financial institutions. The phrase "money and financial institutions" is used to stress that a theory of money … money measures provide a crude but serviceable basis for the accounting system which in turn, along with the codification of … provided a means for control. Money and financial institutions provide the command and control system of a modern society. The …

valuation of money, and a golden rule equilibrium in which the rate of interest is equal to population growth (independent of …

If an exchange economy is modeled as a strategic market game with one commodity serving as a money, then if there is no … is enough money to facilitate trade. The meaning of "enough money" is that the NEs are interior. In other words the …. The condition on enough money is characterized both by the total amount of money in the system and its distribution. It is …

In a previous essay we modeled the enforcement of contract, and through it the provision of money and markets, as a … production of goods. Government and a central bank provided fiat money and enforced repayment of loans, giving fiat a predictable … comparison, we consider the same trade problem without government or fiat money, using instead a durable good (gold) as a …