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Harl, Kenneth W. (1996). Coinage in the Roman Economy, 300 B.C. to A.D. 700. Baltimore: The Johns Hopkins University Press. ISBN 0-8018-5291-9.
Bitcoin mining is the process by which thousands of computers around the world compete to record and verify transactions on the network. These specialized computers known as ‘mining rigs’ perform the equations required to verify and record a new transaction. Historically, inflations of varying magnitudes have occurred, interspersed with corresponding delationary periods, [19] from the price revolution of the 16th century, which was driven by the flood of gold and particularly silver seized and mined by the Spaniards in Latin America, to the largest paper money inflation of all time in Hungary after World War II. [21]Monetarists assumed additionally that the velocity of money is unaffected by monetary policy (at least in the long run), that the real value of output is also exogenous in the long run, its long-run value being determined independently by the productive capacity of the economy, and that money supply is exogenous and can be controlled by the monetary authorities. Under these assumptions, the primary driver of the change in the general price level is changes in the quantity of money. [60] Consequently, monetarists contended that monetary policy, not fiscal policy, was the most potent instrument to influence aggregate demand, real output and eventually inflation. This was contrary to Keynesian thinking which in principle recognized a role for monetary policy, but in practice believed that the effect from interest rate changes to the real economy was slight, making monetary policy an ineffective instrument, preferring fiscal policy. [10] :528 Conversely, monetarists considered fiscal policy, or government spending and taxation, as ineffective in controlling inflation. [61] Most economists, following Frank Hahn (e.g. Money and Inflation 1982), see the absence of money as a weakness of the general equilibrium theory. The theory doesn’t have anything to say about the monetary phenomena and institutions that are apparently so important in the real world. The response of economists has been to try to develop models in which markets are less perfect, so there is a place for money. Three approaches can be distinguished: A table showing the inverse relationship between the price of bonds and the interest rate. Demand for Money for Speculative Motive (MDS)
To prompt discussion, we're reading a chapter by Jérôme Sgard from the 2020 book A World of Public Debts. There will only ever be 21 million BTC. Bitcoin is digital money that cannot be inflated or manipulated by any individual, company, government, or central bank. World Bank, 2018. Inflation in Emerging and Developing Economies: Evolution, Drivers and Policies. Edited by Jongrim Ha, M. Ayhan Kose, and Franziska Ohnsorge. AA warns drivers to avoid puddles in case they're perilous potholes after a record month of related breakdowns Radio 4 broadcaster Paul Lewis tells ME & MY MONEY: My whole pension is in CASH and not shares... after all I am Mr Money Box
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M {\displaystyle M} is the nominal quantity of money; V {\displaystyle V} is the velocity of money in final expenditures; P {\displaystyle P} is the general price level; Q {\displaystyle Q} is an index of the real value of final expenditures. John Maynard Keynes once said that "not one man in a million" truly understands inflation: a state of affairs that is extremely problematic for millions of people and, by extension, for society as a whole. Rob Dix's book The Price of Money is an important contribution to redressing that problem. ANDREW CRAIG, Author of How to Own the World
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