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The Problem of Fixing a Norm for the Value of Money

In: Inflation

Author

Listed:
  • Erik Lindahl

    (University of Uppsala)

Abstract

What is to be used as legal tender in a country is decided by law. Nowadays this money is usually bank-notes and coins, issued under government control. The value of the money is again primarily determined by movements in market prices which in their turn imply that the citizens have formed an idea of the present and future value of the currency. The government can, however, by its economic policy, influence this pricing process in a number of ways, and thereby exert a decisive influence on the value of money. The question to be discussed here concerns the fixing of a certain norm for regulating this value.

Suggested Citation

  • Erik Lindahl, 1962. "The Problem of Fixing a Norm for the Value of Money," International Economic Association Series, in: Douglas C. Hague (ed.), Inflation, chapter 0, pages 95-111, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08455-5_7
    DOI: 10.1007/978-1-349-08455-5_7
    as

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