Fraser Murrell delves into the history of the Gold Standard and how a modern day version could be put in place.
Author: Dr Fraser Murrell, Melbourne Australia
First Posted: Thursday , 20 Nov 2014
In the 1600s, Sir Isaac Newton presided over a (bi-metal) Gold and Silver Standard, with the flaw being the fix of silver to gold. In the 1900s, John Maynard Keynes “revolutionized” economics, with the result being certain economic collapse. In both cases there was a logical error in the key definition of “price”, which is critical to the stability of the economy. This note examines the problem and then goes on to present a workable Gold Standard, which it is argued, is the most stable frame of reference for our economy.
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Life would be chaotic if “time and space” changed regularly or even our definition of it changed regularly. Fortunately, Newton sorted itThis post was originally published on this site