Thursday, April 26, 2012

David Glasner — Wicksteed on the Value of Paper Money

Finally, I’ll just mention that in the Wealth of Nations Adam Smith off-handedly mentioned acceptability in payment of taxes as a condition for inconvertible money not to be worthless.  So the lineage of the idea, despite its somewhat disreputable and unorthodox associations, is really quite impeccable.
Read it at Uneasy Money
Wicksteed on the Value of Paper Money
David Glasner | FTC economist

Expands on Nick Rowe's mention of Wicksteed's Chartalism. Extensive quotes on Wicksteed's Chartalism, as well as his anticipation of the Coase theorem.


STF said...

by the way, we've been writing about this for some time. Smith's quote is prominent in Randy's 1998 book, and Wicksteed (and others) were covered in Mat's paper here:

Anonymous said...

STF: your intellect is needed on the blogofrontline over at worthwhile canadian