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Brandon McCloskey

What do we mean by currency wars? - 0 views

  • The strength of currencies has become a source of tension between some of the world's biggest economies, especially the US and China. Brazil's finance minister went as far as to warn that his country would not stand idly by as international currency wars threatened its competitiveness. What was he talking about? Watch this animated guide to find out about why countries are falling out with each other because of their currencies.
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    A quick description of what currency wars are
Jake Corkin

A counter example to Keynesian effectiveness - 0 views

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    Here is another political blog post arguing against keynesian economics. The author focuses mostly on the devaluation of the dollar due to over-printing of currency.
Kristi Koerner

Virtual Economy Research Network | News, research and discussion on virtual goods, curr... - 1 views

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    A site that helped explain virtual economies and how this is playing a role in our emerging global economy.
James Wilcox

Smith: Wealth of Nations, Book IV, Chapter 1 | Library of Economics and Liberty - 2 views

  • Among the Tartars, as among all other nations of shepherds, who are generally ignorant of the use of money, cattle are the instruments of commerce and the measures of value
    • James Wilcox
       
      That so interesting that cattle became the measure of money and wealth.  It seems that for something to be money it has to be able to come in large quantities, not have much difference between one to another, and carry a consistent value.
    • James Wilcox
       
      This notion of a Gold or currency base stands so consistent that it is hard for us today to break away and have a purely digital or credit economy.  But ever so slowly we are getting there.
  • When those countries became commercial, the merchants found this prohibition, upon many occasions, extremely inconvenient. They could frequently buy more advantageously with gold and silver than with any other commodity the foreign goods which they wanted, either to import into their own, or to carry to some other foreign country. They remonstrated, therefore, against this prohibition as hurtful to trade.
    • James Wilcox
       
      This principle of protectionism holds true today and is still argued about by growing economies.  Not so commonly with gold but with all different types of key commodities.
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  • They represented, secondly, that this prohibition could not hinder the exportation of gold and silver, which, on account of the smallness of their bulk in proportion to their value, could easily be smuggled abroad.*9 That this exportation could only be prevented by a proper attention to, what they called, the balance of trade
    • James Wilcox
       
      I have heard this same argument for illegal drugs.  I have heard people say we should legalize it so that it can be tracked and limited in a legal manner.
  • hat wealth consists in money, or and silver, is a popular notion which naturally arises from the double function of money, as the instrument of commerce and as the measure of value. In consequence of its being the instrument of commerce, when we have money we can more readily obtain whatever else we have occasion for than by means of any other commodity. The great affair, we always find, is to get money. When that is obtained, there is no difficulty in making any subsequent purchase. In consequence of its being the measure of value, we estimate that of all other commodities by the quantity of money which they will exchange for. We say of a rich man that he is worth a great deal, and of a poor man that he is worth very little money. A frugal man, or a man eager to be rich, is said to love money; and a careless, a generous, or a profuse man, is said to be indifferent about it. To grow rich is to get money; and wealth and money, in short, are, in common language, considered as in every respect synonymous.
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