The Capitalist Professor with George Reisman, Ph.D. - Free College Courses on Capitalism

Capitalism Macroeconomics Lecture 2

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The origin and evolution of money and the contemporary monetary system: from barter to media of exchange, to gold and silver commodity money; 100 percent reserve banking and fractional reserve banking; standard money, fiduciary media, and fiat money. Central banking: the Federal Reserve System and its powers of money creation. The quantity of money, the demand for money, and the business cycle.

READINGS

  • Reisman: Chapter 12
  • Samuelson: Chapter 9 (to p. 173), Chapter 10
  • Frederic Bastiat “The Balance of Trade” and “A Petition” in Supplementary Readings in Macroeconomics. [Frederic Bastiat, Economic Sophisms, pp. 51–60]
  • Optional: Adam Smith “Of the Principle of the Commercial or Mercantile System,” in Supplementary Readings in Macroeconomics. [Adam Smith, The Wealth of Nations, Book 4, Chapter 1]
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    The Capitalist Professor with George Reisman, Ph.D. - Free College Courses on CapitalismBy George Reisman
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