| Author: | Edward E. Rochon | ISBN: | 9781310694479 |
| Publisher: | Edward E. Rochon | Publication: | May 3, 2015 |
| Imprint: | Smashwords Edition | Language: | English |
| Author: | Edward E. Rochon |
| ISBN: | 9781310694479 |
| Publisher: | Edward E. Rochon |
| Publication: | May 3, 2015 |
| Imprint: | Smashwords Edition |
| Language: | English |
A short preface notes my first essay of the same name left some foggy areas needing amplification. Chapter 1 explains why I chose to call my suggestion redenomination rather than revaluation. I note that my method reverses the central bank procedure of expanding money by using a one shot expansion that is adjusted by removal of and changing ratios of denominations, rather than slowly expanding money and then pulling back when adverse consequences require doing so. So it is a mirror of traditional Keynesian manipulation in procedure. I briefly mention the failure of classical economic policy to provide maximum usage of resources, full employment. This justified Keynesian manipulation of money. Chapter 2 discusses problems with redenomination and money in general. It notes that supply and demand, the value of anything, and even what money is lies in a hazy fog bank that the central bank must steer the ship of finance (and by default ship of state) through to achieve the central goal of wealth generation. Redistribution through money policy other than to generate more overall wealth always provokes bitter civil accusations and strife. I touch on the matter of vice and notions of the causes of vice through the mirror of original sin, and that this must be another factor in dealing with money expansion and contraction. We have recipes requiring more or less this and that as tastes, needs and foodstock necessitate, but no Newtonian laws of nature that can be applied to the art of keeping society financially content, if contentment is the goal.
A short preface notes my first essay of the same name left some foggy areas needing amplification. Chapter 1 explains why I chose to call my suggestion redenomination rather than revaluation. I note that my method reverses the central bank procedure of expanding money by using a one shot expansion that is adjusted by removal of and changing ratios of denominations, rather than slowly expanding money and then pulling back when adverse consequences require doing so. So it is a mirror of traditional Keynesian manipulation in procedure. I briefly mention the failure of classical economic policy to provide maximum usage of resources, full employment. This justified Keynesian manipulation of money. Chapter 2 discusses problems with redenomination and money in general. It notes that supply and demand, the value of anything, and even what money is lies in a hazy fog bank that the central bank must steer the ship of finance (and by default ship of state) through to achieve the central goal of wealth generation. Redistribution through money policy other than to generate more overall wealth always provokes bitter civil accusations and strife. I touch on the matter of vice and notions of the causes of vice through the mirror of original sin, and that this must be another factor in dealing with money expansion and contraction. We have recipes requiring more or less this and that as tastes, needs and foodstock necessitate, but no Newtonian laws of nature that can be applied to the art of keeping society financially content, if contentment is the goal.
