Advanced Search

On Understanding Money

Contents:

Author Info

  • Martin Shubik

Abstract

Fiat money is a creation of both the state and society. Its value is supported by expectations which are conditioned by the dynamics of trust in government, the socio-economic structure and by outside events such as wars, plagues or political unrest. The micro-management of a dynamic economy is not far removed in difficulty from the micro-management of the weather. However, money and the financial institutions and instruments of a modern economy provide the means to influence expectations and bound behaviour. The control of the fiat money supply, together with rules on the granting of credit and the bankruptcy, default and reorganisation rules are public services. They provide lower and upper bounds for the price level in the economy. They also determine the innovation rate of the economy. An innovation may be regarded as an economic mutation; the less costly failure is, the more likely an innovation will be risked.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.world-economics-journal.com/Contents/ArticleOverview.aspx?ID=48
Download Restriction: no

Bibliographic Info

Article provided by World Economics, Economic & Financial Publishing, PO Box 69, Henley-on-Thames, Oxfordshire, United Kingdom, RG9 1GB in its journal World Economics Journal.

Volume (Year): 2 (2001)
Issue (Month): 1 (January)
Pages: 95-120
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:wej:wldecn:48

Contact details of provider:

For corrections or technical questions regarding this item, or to correct its listing, contact: (Ed Jones).

Related research

Keywords:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
  1. Neumayer, Eric & de Soysa, Indra, 2005. "Trade Openness, Foreign Direct Investment and Child Labor," World Development, Elsevier, vol. 33(1), pages 43-63, January.
  2. Ranjan Ray, 2001. "Simultaneous Analysis of Child Labour and Child Schooling: Comparative Evidence from Nepal and Pakistan," ASARC Working Papers 2001-10, Australian National University, Australia South Asia Research Centre.
  3. Pallage, Stephane & Zimmermann, Christian, 2007. "Buying out child labor," Journal of Macroeconomics, Elsevier, vol. 29(1), pages 75-90, March.
  4. Pushkar Maitra & Ranjan Ray, 2000. "The Joint Estimation of Child Participation in Schooling and Employment: Comparative Evidence from Three Continents," ASARC Working Papers 2000-04, Australian National University, Australia South Asia Research Centre.
  5. Bhalotra, Sonia, 2001. "Is child work necessary?," Social Protection Discussion Papers 24660, The World Bank.
  6. Ronald B. Davies & Annie Voy, 2006. "The Effect of FDI on Child Labor," University of Oregon Economics Department Working Papers 2007-4, University of Oregon Economics Department, revised 01 Feb 2007.
  7. Sarbajit Chaudhuri, 2010. "Mid-Day Meal Program And Incidence Of Child Labour In A Developing Economy," The Japanese Economic Review, Japanese Economic Association, vol. 61(2), pages 252-265.
  8. Rana Ejaz Ali Khan, 2003. "Children in Different Activities: Child Schooling and Child Labour," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 42(2), pages 137-160.
  9. Sarbajit Chaudhuri, 2004. "Incidence of Child Labour, Free Education Policy, and Economic Liberalisation in a Developing Economy," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 43(1), pages 1-25.
  10. Hans Gersbach & Lars Siemers, 2005. "Can Democracy Educate a Society?," IZA Discussion Papers 1693, Institute for the Study of Labor (IZA).
  11. Satya P. Das & Rajat Deb, 2003. "Policies to combat child labor: A dynamic analysis," Indian Statistical Institute, Planning Unit, New Delhi Discussion Papers 04-01, Indian Statistical Institute, New Delhi, India.
  12. Sonia R Bhalotra & Chris Heady, 2000. "Child Farm Labour: Theory and Evidence," STICERD - Development Economics Papers - From 2008 this series has been superseded by Economic Organisation and Public Policy Discussion Papers 24, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:wej:wldecn:48

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ed Jones).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.