Economics Dictionary of ArgumentsHome
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| Gold standard: The gold standard is a monetary system where a country's currency value is directly linked to a specific amount of gold. Governments or central banks would guarantee to exchange their currency for gold at a fixed price. This system provided stability but limited flexibility in monetary policy. It was largely abandoned in the 20th century in favor of fiat currencies. See also Central bank, Monetary policy._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Walter Boyd on Gold Standard - Dictionary of Arguments
Rothbard II 165 Gold standard/inflation/Walter Boyd/Rothbard: Internationally, (…) a magical influx of gold and silver according to Boyd and Smith before him, would ordinarily have rapidly flowed out of the country, thereby limiting the inflationary harm that the inflow might do. Problem: Unfortunately, as in Smith, the mechanism for this allegedly rapid outflow is highly obscure. At any rate, Boyd(1) pressed on to be the first to apply mainstream monetary theory to the problem of inconvertible fiat currencies. Money: [Boyd] begins by showing that since bank notes cannot be exported, there is no mechanism, as there is with specie, for draining off an ‘excess’ quantity of money to foreign countries. As a result, in the first place, the price rise resulting from an influx of specie would not be ‘so great as that which has been occasioned by the introduction of so much paper, destitute of the essential quality of being constantly convertible into specie’. More specifically, according to Boyd, the depreciation of fiat paper in terms of other currencies would be reflected in a rise in the price of gold or silver bullion, and an appreciation of foreign currencies on the foreign exchange market. >Bullionism, >Currency/Walter Boyd. 1. Walter Boyd. 1800. A Letter to the Rt. Hon. William Pitt published in 1801._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Boyd I Richard Boyd The Philosophy of Science Cambridge 1991 Boyd W I Walter Boyd Letter to the Right Honourable William Pitt on the Influence of the Stoppage of Issues in Specie at the Bank of England on the Prices of Provisions and other Commodities London 1801 Rothbard II Murray N. Rothbard Classical Economics. An Austrian Perspective on the History of Economic Thought. Cheltenham, UK: Edward Elgar Publishing. Cheltenham 1995 Rothbard III Murray N. Rothbard Man, Economy and State with Power and Market. Study Edition Auburn, Alabama 1962, 1970, 2009 Rothbard IV Murray N. Rothbard The Essential von Mises Auburn, Alabama 1988 Rothbard V Murray N. Rothbard Power and Market: Government and the Economy Kansas City 1977 |
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