Suppose that an economy in 10,000 b.c. used a rare stone as its money. Suppose also that
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Suppose that an economy in 10,000 b.c. used a rare stone as its money. Suppose also that the number of stones declined over time as stones were accidentally destroyed or used as weapons. What would have happened to the value of the stones over time? What would the consequences likely have been if someone had discovered a large quantity of new stones?
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Money, Banking, and the Financial System
ISBN: 978-0134524061
3rd edition
Authors: R. Glenn Hubbard, Anthony Patrick O'Brien
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