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ABSTRACT. In Barnett and Block (2004) the present authors offered the thesis that the optimal amount of fiat currency was zero (it should all be replaced by gold money), but that if this was impossible, then the optimal quantity of fiat currency was whatever it was at any given time. In contrast, the optimal amount of gold money was whatever was supplied in the free enterprise system. We criticized Rothbard (1993) and Mises (1996) for taking the position that the optimal amount of gold money was whatever it was at any given time. In the present paper we elaborate upon this thesis, and respond to several critics of Barnett and Block (2004). pp. 9–24
JEL Classification: E51

Keywords: gold, money, optimal quantity

 

WILLIAM BARNETT II
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Joseph A. Butt, S.J., College of Business
Loyola University New Orleans
WALTER E. BLOCK
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Joseph A. Butt, S.J., College of Business
Loyola University New Orleans

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