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This essay by William A. Thomson offers a critique of contemporary economic theory and policy. Arguing against the gold standard and in favor of paper currency, he advocates for government intervention to regulate the economy and ensure full employment. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Excerpt from An Essay on Production, Money and Government Reader, in the present essay I have, in the briefest way, attempted to draw attention to some of the greatest principles of human life, and I have undertaken to show the necessary relation which is designed to exist between the functions and duty of man and certain laws of nature, which have been since the beginning of time. Life, with its aims and purposes, appears to me as gathering its results into a profitless and puny issue. The individual seems lost in mankind. Chains have been riveted out of material transactions, binding him hand and foot. It is held to be a virtue to labor to the exclusion of all thought and human enjoyment in obtaining the present mere material necessities, and to provide for repose in the decline of life. The bounding and generous ideality of youth is frowned down. The earnest desire for wisdom and understanding of manhood's prime is frozen in the bud, that no exalted idea may interfere in the endeavor to obtain an imaginary and uncertain repose in after life - a period at which man, whose mind has been devoted to mere pecuniary gain, is past usefulness to God, the world or himself. The principles of life which I advance will, if acted upon, totally and absolutely reverse much that now holds, and ensure a degree of easiness in all life's pursuits, that will warrant the discovery and application of many Laws of Nature to man's well-being, now perfectly unknown. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
Excerpt from An Essay on Production, Money and Government Reader, in the present essay I have, in! The briefest way, attempted to draw attention to some of the greatest principles Of human life, and I have undertaken to show the necessary relation which is designed to exist between the functions and duty Of man and certain laws Of nature, which have been since the beginning Of time.. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Friedman discusses a government system that is no longer controlled by "we, the people." Instead of Lincoln's government "of the people, by the people, and for the people," we now have a government "of the people, by the bureaucrats, for the bureaucrats," including the elected representatives who have become bureaucrats.