Psychology 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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David Ricardo on Gold Standard - Dictionary of Arguments
Rothbard II 197 Gold standard/Ricardo/Rothbard: (…) Ricardo(1) advanced a plan for ending the restriction that abandoned the heart of the gold standard. Specifically, he proposed that the pound sterling be redeemable in gold bullion rather than in coin. But a gold bullion standard means that the average person cannot redeem paper money in a commodity medium of payment, and that gold redemption is confined to a handful of wealthy international financiers. Ricardo's desertion of the gold coin standard was motivated, first, by a Smithian desire to 'economize' on the gold metal, and more prominently, by a fear of deflation that was conspicuously inconsistent With his dismissal of all non-price- level effects of changes in the supply of money. Rothbard: In this phobia about deflation, and in this inconsistency, Ricardo followed his mentor in mechanistic bullionism, John Wheatley. >Bullionism, >John Wheatley. 1. David Ricardo 1810. The High Price of Bullion. A Proof oft he Depreciation of Banknotes. Fourth edition._____________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. |
EconRic I David Ricardo On the principles of political economy and taxation Indianapolis 2004 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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