Classical Economics in a Quantum World
The Coinage Act of 1792 established the dollar defined at a fixed weight of gold (and silver until 1900). This was the case in the U.S. from 1792 until 1973. The U.S. was on a gold standard during this period. …
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The primary utility of any currency is as a unit of account. Its other roles are a store of value and medium of exchange. The unit of account is a monetary standard of measure. It is a reference upon which…
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Despite ample evidence that we have entered a new monetary normal defined by the advent of negative interest rates and stagnated growth, few understand the implications of massive excess reserves on Fed policy. Trump’s potential tax cuts are being equated…
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