The Deregulation of Money

R. A. Rayman

Chapter 7 in A Multi-Gear Strategy for Economic Recovery, 2013, pp 56-61 from Palgrave Macmillan

Abstract: Abstract Commenting on Mill’s famous analogy of money as “a machine for doing quickly and commodiously, what would be done, though less quickly and commodiously, without it” [1848, p.488], the late Professor Milton Friedman makes a vital point: True, money is only a machine, but it is an extraordinarily efficient machine … [and] money has one feature that … other machines do not share. Because it is so pervasive, when it gets out of order, it throws a monkey wrench into the operation of all the other machines. [1968, p. 12]

Keywords: Monetary Policy; Central Bank; Money Market; Macroeconomic Policy; Standard Authority (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-30452-0_7

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DOI: 10.1057/9781137304520_7

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