Download The Optimum Quantity of Money PDF Book by Milton Friedman
Inside this Book – IT 1s A coMMoN PLAcE of monetary theory that nothing is so unimportant as the quantity of money expressed in terms of the nominal monetary unit- dollars, or pounds, or pesos. Let the unit of account be changed from dollars to cents; that will multiply the quantity of money by 100, but have no other effect. Similarly, let the number of dollars in existence be multiplied by 100; that, too, will have no other essential effect, provided that all other nominal magnitudes (prices of goods and services, and quantities of other assets and liabilities that are expressed in nominal terms) are also multiplied by 100. The situation is very different with respect to the real quantity of money- the quantity of goods and services that the nominal quantity of money can purchase, or the number of weeks’ income to which the nominal quantity of money is equal. This real quantity of money has important effects on the efficiency of operation of the economic mechanism, on how wealthy people regard themselves as being and, indeed, on how wealthy they actually are.
- Full Book Name – The Optimum Quantity of Money
- Author of this Book – Milton Friedman
- Language – English
- Book Genre – Economics
- Download Format – PDF
- Size – 6 MB
- eBook Pages – 305
The Optimum Quantity of Money by Milton Friedman PDF Book
- Download The Optimum Quantity of Money PDF Book by Milton Friedman Inside this Book – IT 1s A coMMoN PLAcE of monetary theory that nothing is so unimportant as the quantity of money expressed in terms of the nominal monetary unit- dollars, or pounds, or pesos. Let the unit of account be changed from dollars to cents; that will multiply the quantity of money by 100, but have no other effect. Similarly, let the number of dollars in existence be multiplied by 100; that, too, will have no other essential effect, provided that all other nominal magnitudes (prices of goods and services, and quantities of other assets and liabilities that are expressed in nominal terms) are also multiplied by 100. The situation is very different with respect to the real quantity of money- the quantity of goods and services that the nominal quantity of money can purchase, or the number of weeks’ income to which the nominal quantity of money is equal. This real quantity of money has important effects on the efficiency of operation of the economic mechanism, on how wealthy people regard themselves as being and, indeed, on how wealthy they actually are.
- Full Book Name – The Optimum Quantity of Money
- Author of this Book – Milton Friedman
- Language – English
- Book Genre – Economics
- Download Format – PDF
- Size – 6 MB
- eBook Pages – 305
