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The Enigma of Money : Gold, Central Banknotes, and Bitcoin by Makoto Nishibe (auth.) is a nonfiction available to read on EtoBox.

What is The Enigma of Money : Gold, Central Banknotes, and Bitcoin about?

This book provides a new way of understanding modern money and markets by stressing their self-fulfilling/self-destructive properties as institutions from evolutionary perspectives. In contrast to an unrealistic view of the neoclassical general equilibrium theory that models the price mechanism of a “concentrated market” without using money, presented here is an alternative theory of markets on how a realistic “dispersive market” using a stock of money and inventory as buffers can work as a multilayered price-quantitative adjustment system. The central features of modern sovereign moneys seen in inconvertible IOUs of central banknotes can be depicted as “The Emperor's New Clothes” that correspond to the U.S. dollar and the Euro void of their own value. The image captures such characteristics of national currencies as “self-fulfilling ideas” by the inertia of conventions in the past and expectations of an uncertain future. Both ideas normally make money more acceptable and circulative so that its value can become more stable unless expectations for the future turn very pessimistic. The same logic also applies to such other currencies as Bitcoin and community currencies. Their recent

Who reads The Enigma of Money : Gold, Central Banknotes, and Bitcoin?

Author

Makoto Nishibe (auth.)

Publisher

Springer Singapore : Imprint : Springer

Published

2016

Language

EN

ISBN

9789811018190

Category

nonfiction

Subjects

Political Science, Business, Economics