There is currently a great deal of interest in the potential for technologies commonly called Blockchain or Distributed Ledger, to transform many aspects of the world financial system. Many aspects of this technology and much of the enthusiasm/hype began with an attempt to create a new form of...

This chapter suggests that a model of a costlessly produced, competitively supplied, convertible money is compatible with a macroeconomic model with a determinate price level, a classical dichotomy between the real and monetary sectors, in which Say's Law (Identity) is valid, the latter being...

This chapter responds to criticisms by (Blaug, M. (1995). Why is the quantity theory the oldest surviving theory in economics? In M. Blaug (Ed.), The quantity theory of money: From Locke to Keynes and Friedman. Edward Elgar.) and (O’Brien, D.P. (1995). Long-run equilibrium and cyclical...

The classical and early neoclassical economists knew that the essential function of money was its role as a medium of exchange; Recently, this idea has been formalized using search-theoretic noncooperative equilibrium models of the exchange process. The goal of this paper is to use a simple model...

Frontmatter -- PREFACE -- CONTENTS -- PART I. THE ANCIENT WORLD -- CHAPTER I. INTRODUCTORY -- CHAPTER II. GREECE -- CHAPTER III. ROME -- CHAPTER IV. SUMMARY -- PART II. THE MIDDLE AGES -- CHAPTER V. INTRODUCTORY -- CHAPTER VI. BUILDING ON TRADITION -- CHAPTER VII. P RICES AND RELATED PROBLEMS --...