Capitalism Macroeconomics Lecture 3
Update: 2020-10-03
Description
The origin and evolution of money and the contemporary monetary system: from barter to media of exchange, to gold and silver commodity money; 100 percent reserve banking and fractional reserve banking; standard money, fiduciary media, and fiat money. Central banking: the Federal Reserve System and its powers of money creation. The quantity of money, the demand for money, and the business cycle.
READINGS
- Reisman: Chapter 12
- Samuelson: Chapter 9 (to p. 173), Chapter 10
- Frederic Bastiat “The Balance of Trade” and “A Petition” in Supplementary Readings in Macroeconomics. [Frederic Bastiat, Economic Sophisms, pp. 51–60]
- Optional: Adam Smith “Of the Principle of the Commercial or Mercantile System,” in Supplementary Readings in Macroeconomics. [Adam Smith, The Wealth of Nations, Book 4, Chapter 1]
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