Over the past 30 years, mutual funds have become the dominant vehicle through which individual investors prepare for retirement via defined contribution plans. Further, money market mutual funds, which hold $2.7 trillion as of September 2013, are now a major part of the cash economy in the U.S....

Technology today permits all payments to be made electronically. As a result, the economy can easily function without currency and coins. This paper shows the consequences of eliminating these media of exchange. A cost-benefit analysis of elimination of coins and currency shows that all levels...