How Many Karats Is Gold: Welfare Effects of Easing a Denomination Standard
Most consumers benefit from a lowering of the required amount of aurous metal which jewelers must include in products sold as "gold." However, profits of producers of gold-plated adornments fall. The net welfare effect depends on whether the principal difference between consumers is their appreciation of the gold content, or their valuation of designation gold or gold-plated. Copyright 1995 by Kluwer Academic Publishers
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