The Evolution of Small Change: Beliefs, Experiments, and ...

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Contents Part I: The problem and its setting . . . . . . . . . . . . . 1 1. Introduction . . . . . . . . . . . . . . . . . . . . . . . 3 The Enduring Problem of Small Change . . . . . . . . 4 The model . . . . . . . . . . . . . . . . . . . . . . 7 The history . . . . . . . . . . . . . . . . . . . . . . 9 Structure of subsequent chapters . . . . . . . . . . . . 11 2. A theory sketched . . . . . . . . . . . . . . . . . . . . 13 Valuation by weight or tale . . . . . . . . . . . . . . . . 13 Components . . . . . . . . . . . . . . . . . . . . . . . 13 Supply . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Demand . . . . . . . . . . . . . . . . . . . . . . . . . 16 Interactions of supply and demand . . . . . . . . . . . . . 18 Economics of interval alignments . . . . . . . . . . . . 19 Perverse dynamics . . . . . . . . . . . . . . . . . . . 20 Opportunity cost . . . . . . . . . . . . . . . . . . . . . 20 An open market operation from Castile . . . . . . . . . . 21 An open market operation for the standard formula . . . . . . . . . . . . . . . . . . . . . . . . . 22 Transparency of opportunity cost . . . . . . . . . . . . . 23 Trusting the government with bi = 0 . . . . . . . . . . . . 23 A history sketched . . . . . . . . . . . . . . . . . . . . 23 Part II: Historical Evidence . . . . . . . . . . . . . . . . . 25 v
vi 3. Technology . . . . . . . . . . . . . . . . . . . . . . . . 27 Introduction . . . . . . . . . . . . . . . . . . . . . . . 27 The metals in coins during the Middle Ages . . . . . . . . 27 The purchasing power of a small coin . . . . . . . . . . 28 The Medieval Technology: Hammer and Pile . . . . . . . 29 Production Costs and Seigniorage . . . . . . . . . . . . 32 Mechanization . . . . . . . . . . . . . . . . . . . . . . 34 The Screw-Press . . . . . . . . . . . . . . . . . . . . 35 The Cylinder-Press . . . . . . . . . . . . . . . . . . . 39 Technology: the Steam Engine . . . . . . . . . . . . . . 41 4. Ideas about coins and money . . . . . . . . . . . . . . . 45 Introduction . . . . . . . . . . . . . . . . . . . . . . . 45 1. Medieval Jurists as adherents of Arrow-Debreu . . . . . . 45 2. Construction of the Medieval Common Doctrine . . . . . . . . . . . . . . . . . . . . . . . . . 48 Sources and methods of the romanists . . . . . . . . . . 49 Money in the legal doctrine of loans . . . . . . . . . . 50 Tests in a one coin environment . . . . . . . . . . . . 52 3. Multiple currencies and denominations . . . . . . . . . 54 Multiple denominations . . . . . . . . . . . . . . . . 55 Multiple metals . . . . . . . . . . . . . . . . . . . . 56 Fluctuating exchange rates: the stationary case . . . . . . 57 Multiple units of accounts . . . . . . . . . . . . . . . 58 Demonetization . . . . . . . . . . . . . . . . . . . . 59 Overdue payments and extrinsic value . . . . . . . . . . 61 Fluctuating exchange rates: the trend case . . . . . . . . 62
Page 1: The Evolution of Small Change: Beli
Page 5 and 6: viii Introduction . . . . . . . . .
Page 7 and 8: x ...................... rnment Gov
Page 9 and 10: xii Acknowledgements Although both
Page 11 and 12: Chapter 1. Introduction This book i
Page 13 and 14: Introduction 5 By the middle of the
Page 15 and 16: The model Introduction 7 The model
Page 17 and 18: Introduction 9 of debasements of sm
Page 19 and 20: Structure of subsequent chapters In
Page 21 and 22: 14 A theory sketched Supply To expl
Page 23 and 24: 16 A theory sketched where mit is t
Page 25 and 26: 18 A theory sketched II, these para
Page 27 and 28: 20 A theory sketched 5. The governm
Page 29 and 30: 22 A theory sketched An open market
Page 31 and 32: 24 A theory sketched counterfeiters
Page 33 and 34: Chapter 3. Technology Introduction
Page 35 and 36: The Medieval Technology: Hammer and
Page 41 and 42: Mechanization 35 Sweden. In the 18t
Page 43 and 44: Mechanization 37 Figure 2: The scre
Page 45 and 46: Mechanization 39 proved to be the s
Page 47 and 48: Technology: the Steam Engine 41 be
Page 49 and 50: Technology: the Steam Engine 43 Fig
Page 51 and 52: Chapter 4. Ideas about coins and mo
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1. Medieval Jurists as adherents of
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2. Construction of the Medieval Com
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Multiple denominations 3. Multiple
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3. Multiple currencies and denomina
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4. A Question from public law: sett
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5. Qualifications, Exceptions and D
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Romanists repair the breach 5. Qual
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Another breach 5. Qualifications, E
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Monetary Theory in the Renaissance
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90 Shortages and Experiments and th
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92 Shortages and Experiments lira/p
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94 Shortages and Experiments invasi
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96 Shortages and Experiments mintin
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livres tournois / setier (log scale
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units of silver / units of gold 100
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livres / marc of fine gold 102 Shor
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104 Shortages and Experiments écu;
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106 Shortages and Experiments price
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108 Shortages and Experiments which
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millions of livres tournois 6 5 4 3
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112 Shortages and Experiments king
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114 Shortages and Experiments gold
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astile’s experiment with token co
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118 Shortages and Experiments Three
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120 Shortages and Experiments By 16
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ance twice began to issue large qua
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idespread inflation deeloped in erm
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126 Shortages and Experiments In th
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om the mid-16th century to 1816, ng
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130 Shortages and Experiments any l
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132 Shortages and Experiments by Sh
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134 Shortages and Experiments Curre
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136 Shortages and Experiments In 18
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Chapter 6. Conclusion of Part II Th
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Part III: The Formal Theory 141
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144 A Theory of Full Bodied Small C
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Chapter 8. The Model In a ‘small
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cash-in-advance constraints are: Th
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The Firm The Model 151 The firm rec
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The Model 153 µ1,t ≥ 0; = if pt
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The Model 155 if pennies were full-
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The Model 157 Subtracting (8.12c)fr
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160 Equilibrium Computation via ‘
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Chapter 10. Arrangements to elimina
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Variants of the standard formula Ar
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Arrangements to eliminate coin shor
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Chapter 11. Conclusion of Part III
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Chapter 12. Glossary In some cases,
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Glossary 181 token-money. State coi
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184 References Boyer-Xambeu, Marie-
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186 References Dumoulin, Charles. T
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188 References Oresme, Nicole. The
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190 References Panormitanus [Niccol
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192 References Spengler, Joseph J.
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194 References Walther, R. “Die E
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