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Set of the goods
Essays in Positive Economics, University of Chicago Press, Chicago, 1953>.
However, such safety mechanism, forcing the emitter to regulate
The volume of the currency, will appear necessary or desirable only in that case,
If its interest consists in lowering or raising value
The currency concerning the standard. Convertibility - a security measure,
Necessary against a monopolist, but unessential at a competition of suppliers,
To which will not manage to be kept in business if they do not offer money, on
To the smaller measure, so attractive to the user, as well as someone's else.
The governmental monetary monopoly is not necessary
Not so long ago, in I960 to year, I asserted what to deprive of the control government
Behind a monetary policy would be not only it is impractical, but, most likely, and
It is undesirable
London and Chicago, 1960, it. 324 and further>. This sight has been based on
To the standard implicit precondition that in each country should be
The one and only kind of currency. To me the thought did not come at all then to a head about
Possibilities of an original competition between currencies in any country or
Region. If one kind of money, monopoly for issue, possibly is resolved only,
Really should be under the government control. Competitive
The reference of several currencies can cause some from time to time
Inconveniences, but the detailed analysis of consequences shows that advantages
Appear so considerable that these inconveniences cease to play though
A little considerable role though novelty of a situation, possibly, will strengthen them
Perception many times over.
Difference between voluntary accepted and imposed paper money
Though all historical experience, apparently, quite justifies the serious
The mistrust, which majority of people feeds for paper money, in
The validity it makes sense only in relation to the money which is let out
The government. Frequently the term "unchangeable paper money" it was used how if it
Concerned all paper money. However actually it designates only
Money which have been entered into the reference by any directive decree or
Other certificate of the government. Money which address only therefore,
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