Free Banking and Credit Creation: Implications for Business Cycle Theory

Abstract

While the element of time may be the chief difficulty of almost every economic problem, the difficulties are most apparent and most persistently resist generally accepted solutions in the area of monetary theory and macroeconomics. Money, which simultaneously functions as a medium of exchange and a store of value, may be viewed as the quintessential present good or as a future good, the most liquid store of value. This dual nature of money has been the center of macroeconomic controversy since the time of the classical economists.

Cite this paper

@inproceedings{Cochran2000FreeBA, title={Free Banking and Credit Creation: Implications for Business Cycle Theory}, author={John P. Cochran}, year={2000} }