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Benjamin Franklin and the Birth of a Paper Money Economy

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  • Farley Grubb

    () (Department of Economics,University of Delaware)

Abstract

Paper money has often been controversial and misunderstood. Why it has value, why that value changes over time, how it influences economic activity, who should be allowed to make it, how its use and creation should be controlled, and whether it should exist at all—are questions that have perplexed the public, vexed politicians, and puzzled economic experts. Knowing how, when, and why paper money first became commonplace in America and the nature of the institutions propagating it, can help us better comprehend paper money’s role in society. Benjamin Franklin (1706-1790) dealt often with this topic and his writings can teach us much about it.

Suggested Citation

  • Farley Grubb, 2007. "Benjamin Franklin and the Birth of a Paper Money Economy," Working Papers 07-01, University of Delaware, Department of Economics.
  • Handle: RePEc:dlw:wpaper:07-01.
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    File URL: http://graduate.lerner.udel.edu/sites/default/files/ECON/PDFs/RePEc/dlw/WorkingPapers/2007/UDWP2007-01.pdf
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    Cited by:

    1. Farley Grubb, 2012. "Chronic Specie Scarcity and Efficient Barter: The Problem of Maintaining an Outside Money Supply in British Colonial America," NBER Working Papers 18099, National Bureau of Economic Research, Inc.
    2. Pavlina R. Tcherneva, 2008. "The Return of Fiscal Policy: Can the New Developments in the New Economic Consensus Be Reconciled with the Post-Keynesian View?," Economics Working Paper Archive wp_539, Levy Economics Institute.
    3. Farley Grubb, 2009. "Land Policy: Founding Choices and Outcomes, 1781-1802," NBER Working Papers 15028, National Bureau of Economic Research, Inc.

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    Keywords

    Monetary Policy; Economic History;

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