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K: The standard abbreviation for the quantity of capital goods, especially for the analysis of production. The letter "K" is used even though capital begins with a "C" because "C" is commonly used to represent consumption. The complementary representations for other inputs are "L" for labor and "N" for population.

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Lesson 19: Money Creation | Unit 2: Fred Returns Page: 6 of 23

Topic: Currency <=PAGE BACK | PAGE NEXT=>

Our honest and trustworthy Fred discovers paper currency.

Fred's system:

  • Fred tracks gold deposits and withdrawals by issuing receipts for each deposit.
  • Fred returns the gold in exchange for a receipt.Three features:
  • First: The knight need not, and probably does not, withdraw the same gold deposited.
  • Second: Fred need not personally know each knight requesting services.
  • Third: Gold receipts are as good as gold, because people know the receipts can be redeemed for gold.Therefore:
  • Gold receipts become money for the local economy.
  • Fred has discovered paper currency, fiat money, and what is comparable to the checkable deposit function of modern banks.

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AMERICAN ECONOMIC ASSOCIATION

A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate."

-- John Glenn, astronaut, U.S. senator

MPS
Marginal Propensity to Save
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