Economics Dictionary of ArgumentsHome
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| Currency: In economics, currency refers to the physical form of money used in transactions within an economy. It includes coins, banknotes, and digital money. Currency serves as a medium of exchange, a unit of account, a store of value, and a standard of deferred payment. Its value is influenced by factors like inflation, interest rates, and economic stability. Currency also plays a critical role in international trade and finance. See also Trade, International trade, Exchange rates._____________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 Currency - Dictionary of Arguments
Rothbard II 166 Currency/convertibility/Walter Boyd/Rothbard: (…) according to Boyd(1), 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. >Gold standard/Walter Boyd. This view (…) provides the germ of the purchasing-power-parity theory of exchange rates under inconvertible fiat currencies: „Specifically, Boyd contends that an increase in the supply of inconvertible paper money effects a general rise in domestic prices or, what is the same thing, a depreciation in the exchange value of the currency in terms of commodities which necessarily drives down the value of domestic currency in terms of foreign currencies whose exchange values have remained unchanged. This fall in the value of the inflated and depreciated domestic currency relative to foreign currencies is manifested in the depreciation of the exchange rate. Contained in Boyd's argument... is the seminal formulation of the purchasing-power-parity of exchange-rate determination which, of course, is the logical outcome of the application of the monetary approach to conditions of inconvertible paper currency.“(2) >Money/Walter Boyd. 1. Walter Boyd. 1800. A Letter to the Rt. Hon. William Pitt published in 1801. 2. Joseph Salerno. 1980. ‘The Doctrinal Antecedents of the Monetary Approach to the Balance of Payments’ (doctoral dissertation, Rutgers University, 1980), p 294._____________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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