Abstract

http://ssrn.com/abstract=377046
 
 

References (31)



 
 

Citations (7)



 


 



Adaptive Learning and the Transition to Fiat Money


George Selgin


University of Georgia


The Economic Journal, Vol. 113, pp. 147-165, 2003

Abstract:     
This article explores some implications of adaptive learning for monetary evolution using a search-theoretic framework that allows for media-of-exchange network effects. Adaptive learning precludes any voluntary transition to a fiat standard from a non-monetary state of nature and can account for the historically-observed tendency for fiat monetary standards to emerge only following the prior appearance of commodity money and the widespread employment of redeemable banknotes. Adaptive learning can also account for governments' frequent resort to coercive measures to force a switch to fiat money and for their ability to affect such a switch even when doing so is not Pareto optimal.

Number of Pages in PDF File: 19

Accepted Paper Series





Date posted: March 8, 2003  

Suggested Citation

Selgin, George, Adaptive Learning and the Transition to Fiat Money. The Economic Journal, Vol. 113, pp. 147-165, 2003. Available at SSRN: http://ssrn.com/abstract=377046

Contact Information

George Selgin (Contact Author)
University of Georgia ( email )
Athens, GA 30602
United States
706-542-2734 (Phone)
Feedback to SSRN


Paper statistics
Abstract Views: 1,082
Downloads: 18
References:  31
Citations:  7

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo7 in 0.610 seconds