The Big Problem of Small Change (The Princeton Economic History of the Western World)

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9780691116358: The Big Problem of Small Change (The Princeton Economic History of the Western World)


The Big Problem of Small Change offers the first credible and analytically sound explanation of how a problem that dogged monetary authorities for hundreds of years was finally solved. Two leading economists, Thomas Sargent and François Velde, examine the evolution of Western European economies through the lens of one of the classic problems of monetary history--the recurring scarcity and depreciation of small change. Through penetrating and clearly worded analysis, they tell the story of how monetary technologies, doctrines, and practices evolved from 1300 to 1850; of how the "standard formula" was devised to address an age-old dilemma without causing inflation.


One big problem had long plagued commodity money (that is, money literally worth its weight in gold): governments were hard-pressed to provide a steady supply of small change because of its high costs of production. The ensuing shortages hampered trade and, paradoxically, resulted in inflation and depreciation of small change. After centuries of technological progress that limited counterfeiting, in the nineteenth century governments replaced the small change in use until then with fiat money (money not literally equal to the value claimed for it)--ensuring a secure flow of small change. But this was not all. By solving this problem, suggest Sargent and Velde, modern European states laid the intellectual and practical basis for the diverse forms of money that make the world go round today.


This keenly argued, richly imaginative, and attractively illustrated study presents a comprehensive history and theory of small change. The authors skillfully convey the intuition that underlies their rigorous analysis. All those intrigued by monetary history will recognize this book for the standard that it is.

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From the Back Cover:

"This marvelous book is a fascinating and thoroughly original combination of economic theory, economic history, and the history of economic thought. In it, Sargent and Velde set out a simple, modern framework for thinking about monetary systems in which several denominations of currency circulate at once. They then use this framework to illuminate the workings of a huge variety of monetary arrangements in use from the Middle Ages to the present, and to trace the evolution of our understanding of the principles of monetary management. This is applied economics at its best."--Robert E. Lucas, Jr., University of Chicago, 1995 Nobel Laureate in Economic Sciences

"Thomas Sargent and François Velde have written a quiet masterpiece. The Big Problem of Small Change solves a nearly thousand-year old puzzle in monetary economics, it is a beautiful economic history, and a brilliant piece of intellectual history, showing how important ideas are in economic affairs."--John H. Cochrane, University of Chicago

"It is rare to be able to say of a book that it is not only of considerable importance from a scholarly point of view, but that it is also well written and aesthetically pleasing. Yet that is precisely the sort of book this is. The Big Problem of Small Change is also unusually clear and has none of the apparent obfuscation that other scholars accuse economists of practicing. Most scholars get confused when dealing with mint ratios, Gresham's Law, seigniorage rates, and so on. Amazingly, however, this is a book that will please even the most numismatically challenged among them."--Joel Mokyr, Northwestern University

"This collaboration between a prominent economic theorist and a very learned historian of European monetary thought and experience yields a rather unusual book, one that may herald the way the world is going. To an economist and financial historian, this is pretty interesting stuff."--Richard Sylla, New York University

About the Author:

Thomas J. Sargent is Donald Lucas Professor of Economics at Stanford University and Senior Fellow at the Hoover Institution. A pioneer of the rational expectations school of macroeconomics, he is the author of The Conquest of American Inflation (Princeton), Bounded Rationality in Macroeconomics, and Dynamic Macroeconomic Theory. François R. Velde is Senior Economist at the Federal Reserve Bank in Chicago and Lecturer in Economics at the University of Chicago.

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Thomas J. Sargent, Francois R. Velde
Editore: Princeton University Press, United States (2003)
ISBN 10: 0691116350 ISBN 13: 9780691116358
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Descrizione libro Princeton University Press, United States, 2003. Paperback. Condizione libro: New. Language: English . Brand New Book. The Big Problem of Small Change offers the first credible and analytically sound explanation of how a problem that dogged monetary authorities for hundreds of years was finally solved. Two leading economists, Thomas Sargent and Francois Velde, examine the evolution of Western European economies through the lens of one of the classic problems of monetary history--the recurring scarcity and depreciation of small change. Through penetrating and clearly worded analysis, they tell the story of how monetary technologies, doctrines, and practices evolved from 1300 to 1850; of how the standard formula was devised to address an age-old dilemma without causing inflation. One big problem had long plagued commodity money (that is, money literally worth its weight in gold): governments were hard-pressed to provide a steady supply of small change because of its high costs of production. The ensuing shortages hampered trade and, paradoxically, resulted in inflation and depreciation of small change.After centuries of technological progress that limited counterfeiting, in the nineteenth century governments replaced the small change in use until then with fiat money (money not literally equal to the value claimed for it)--ensuring a secure flow of small change. But this was not all. By solving this problem, suggest Sargent and Velde, modern European states laid the intellectual and practical basis for the diverse forms of money that make the world go round today. This keenly argued, richly imaginative, and attractively illustrated study presents a comprehensive history and theory of small change. The authors skillfully convey the intuition that underlies their rigorous analysis. All those intrigued by monetary history will recognize this book for the standard that it is. Codice libro della libreria AAH9780691116358

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Thomas J. Sargent; Francois R. Velde
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Descrizione libro Princeton University Press, 2003. Paperback. Condizione libro: New. Codice libro della libreria SONG0691116350

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Thomas J. Sargent, Francois R. Velde
Editore: Princeton University Press, United States (2003)
ISBN 10: 0691116350 ISBN 13: 9780691116358
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Descrizione libro Princeton University Press, United States, 2003. Paperback. Condizione libro: New. Language: English . Brand New Book. The Big Problem of Small Change offers the first credible and analytically sound explanation of how a problem that dogged monetary authorities for hundreds of years was finally solved. Two leading economists, Thomas Sargent and Francois Velde, examine the evolution of Western European economies through the lens of one of the classic problems of monetary history--the recurring scarcity and depreciation of small change. Through penetrating and clearly worded analysis, they tell the story of how monetary technologies, doctrines, and practices evolved from 1300 to 1850; of how the standard formula was devised to address an age-old dilemma without causing inflation. One big problem had long plagued commodity money (that is, money literally worth its weight in gold): governments were hard-pressed to provide a steady supply of small change because of its high costs of production. The ensuing shortages hampered trade and, paradoxically, resulted in inflation and depreciation of small change.After centuries of technological progress that limited counterfeiting, in the nineteenth century governments replaced the small change in use until then with fiat money (money not literally equal to the value claimed for it)--ensuring a secure flow of small change. But this was not all. By solving this problem, suggest Sargent and Velde, modern European states laid the intellectual and practical basis for the diverse forms of money that make the world go round today. This keenly argued, richly imaginative, and attractively illustrated study presents a comprehensive history and theory of small change. The authors skillfully convey the intuition that underlies their rigorous analysis. All those intrigued by monetary history will recognize this book for the standard that it is. Codice libro della libreria AAH9780691116358

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Thomas J. Sargent
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Descrizione libro Princeton University Press, 2003. PAP. Condizione libro: New. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Codice libro della libreria WP-9780691116358

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Thomas J. Sargent, François R. Velde
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Descrizione libro Princeton University Press, 2003. Paperback. Condizione libro: New. Codice libro della libreria DADAX0691116350

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Thomas J. Sargent, Francois R. Velde
Editore: Princeton University Press, United States (2003)
ISBN 10: 0691116350 ISBN 13: 9780691116358
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Descrizione libro Princeton University Press, United States, 2003. Paperback. Condizione libro: New. Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker than this where possible. Brand New Book. The Big Problem of Small Change offers the first credible and analytically sound explanation of how a problem that dogged monetary authorities for hundreds of years was finally solved. Two leading economists, Thomas Sargent and Francois Velde, examine the evolution of Western European economies through the lens of one of the classic problems of monetary history--the recurring scarcity and depreciation of small change. Through penetrating and clearly worded analysis, they tell the story of how monetary technologies, doctrines, and practices evolved from 1300 to 1850; of how the standard formula was devised to address an age-old dilemma without causing inflation. One big problem had long plagued commodity money (that is, money literally worth its weight in gold): governments were hard-pressed to provide a steady supply of small change because of its high costs of production. The ensuing shortages hampered trade and, paradoxically, resulted in inflation and depreciation of small change.After centuries of technological progress that limited counterfeiting, in the nineteenth century governments replaced the small change in use until then with fiat money (money not literally equal to the value claimed for it)--ensuring a secure flow of small change. But this was not all. By solving this problem, suggest Sargent and Velde, modern European states laid the intellectual and practical basis for the diverse forms of money that make the world go round today. This keenly argued, richly imaginative, and attractively illustrated study presents a comprehensive history and theory of small change. The authors skillfully convey the intuition that underlies their rigorous analysis. All those intrigued by monetary history will recognize this book for the standard that it is. Codice libro della libreria BTE9780691116358

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Thomas J. Sargent, Francois R. Velde, Joel Mokyr
Editore: Princeton University Press
ISBN 10: 0691116350 ISBN 13: 9780691116358
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Descrizione libro Princeton University Press. Paperback. Condizione libro: new. BRAND NEW, The Big Problem of Small Change, Thomas J. Sargent, Francois R. Velde, Joel Mokyr, The Big Problem of Small Change offers the first credible and analytically sound explanation of how a problem that dogged monetary authorities for hundreds of years was finally solved. Two leading economists, Thomas Sargent and Francois Velde, examine the evolution of Western European economies through the lens of one of the classic problems of monetary history--the recurring scarcity and depreciation of small change. Through penetrating and clearly worded analysis, they tell the story of how monetary technologies, doctrines, and practices evolved from 1300 to 1850; of how the "standard formula" was devised to address an age-old dilemma without causing inflation. One big problem had long plagued commodity money (that is, money literally worth its weight in gold): governments were hard-pressed to provide a steady supply of small change because of its high costs of production. The ensuing shortages hampered trade and, paradoxically, resulted in inflation and depreciation of small change. After centuries of technological progress that limited counterfeiting, in the nineteenth century governments replaced the small change in use until then with fiat money (money not literally equal to the value claimed for it)--ensuring a secure flow of small change. But this was not all. By solving this problem, suggest Sargent and Velde, modern European states laid the intellectual and practical basis for the diverse forms of money that make the world go round today. This keenly argued, richly imaginative, and attractively illustrated study presents a comprehensive history and theory of small change. The authors skillfully convey the intuition that underlies their rigorous analysis. All those intrigued by monetary history will recognize this book for the standard that it is. Codice libro della libreria B9780691116358

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Thomas J. Sargent; François R. Velde
Editore: Princeton University Press (2003)
ISBN 10: 0691116350 ISBN 13: 9780691116358
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Descrizione libro Princeton University Press, 2003. Paperback. Condizione libro: New. book. Codice libro della libreria 0691116350

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Sargent, Thomas J.; Velde, Fraçois R.
Editore: Princeton University Press, Princeton (2003)
ISBN 10: 0691116350 ISBN 13: 9780691116358
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Descrizione libro Princeton University Press, Princeton, 2003. Tapa blanda. Condizione libro: New. Codice libro della libreria 100706629

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ISBN 10: 0691116350 ISBN 13: 9780691116358
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Descrizione libro 2003. Paperback. Condizione libro: NEW. 9780691116358 This listing is a new book, a title currently in-print which we order directly and immediately from the publisher. Codice libro della libreria HTANDREE01145228

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