Suchergebnisse

Monetary historians have contended that Free Silver advocates were inflationists seeking debt reduction. We offer an alternative interpretation using a theory of money demand with differential returns on nominal units and a nonoptimum nominal money stock. Our explanation is more logically appealing and more consistent with contemporary evidence. The restrictive coinage laws of the period produced chronic shortages, and our empirical analysis provides clear evidence of these shortages. A shortage of coins valued at a half-day's wage and less, raised transactions costs, produced hardship and spawned protest.

"Everything you know about income inequality, poverty and other measures of economic well-being in America is wrong. In measuring income inequality, poverty and other indexes of well-being our government does not count two-thirds of all transfer payments that are received or any of the taxes paid. When we get our facts straight poverty has virtually been eliminated, income inequality is lower than it was in 1947 and America is still the great land of opportunity."