After painting the picture of what Ideal Money, Nash explains the intrinsic difficulties of bringing it about. Then he comes up with the concept of “asymptotically ideal money”:
The idea seems paradoxical, but by speaking of “inflation targeting” these responsible official are effectively CONFESSING…that it is indeed after all possible to control inflation by controlling the supply of money (as if by limiting the amount of individual “prints” that could be made of a work of art being produced as “prints).~Ideal Money
M. Friedman acquired fame through teaching the linkage between the supply of money and, effectively, its value. In retrospect it seems as if elementary, but Friedman was as if a teacher who re-taught to American economists the classical concept of the “law of supply and demand”, this in connection with money.
Nash explains the parameters of gold in regard to why we have historically valued it, he is methodical, and he also explains golds weaknesses in this context.
After painting the picture of what Ideal Money, Nash explains the intrinsic difficulties of bringing it about. Then he comes up with the concept of “asymptotically ideal money”:
Nash explains the parameters of gold in regard to why we have historically valued it, he is methodical, and he also explains golds weaknesses in this context.