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Journal Article
Money
An essay, written in 1779-80, concerning the relationship between money growth, government liability issues, and inflation.
Journal Article
Money
This essay, written around 1779, challenges the simple quantity theory of money. From the perspective of the paper money issued to pay for American's Revolutionary War--bills of credit, or continentals -- the essay rejects the idea that the value of money is determined by the number of pieces of paper issued. That idea ignores the fact that an individual nation is just a small part of the world economy. More relevant than quantity, the essay argues, are two other features: the date the government promises to exchange the pieces of paper for specie and the credibility of that promise. This ...