From 0e7f657595a168ec1063c3698c404b96512c70ce Mon Sep 17 00:00:00 2001 From: sdiehl Date: Thu, 24 Feb 2022 11:54:31 +0000 Subject: [PATCH] Summary of gold standard --- concepts/austrian-economics.md | 2 ++ concepts/gold-standard.md | 16 ++++++++++++++++ 2 files changed, 18 insertions(+) create mode 100644 concepts/austrian-economics.md create mode 100644 concepts/gold-standard.md diff --git a/concepts/austrian-economics.md b/concepts/austrian-economics.md new file mode 100644 index 0000000..28ed7c3 --- /dev/null +++ b/concepts/austrian-economics.md @@ -0,0 +1,2 @@ +# Austrian Economics + diff --git a/concepts/gold-standard.md b/concepts/gold-standard.md new file mode 100644 index 0000000..6d2ed0a --- /dev/null +++ b/concepts/gold-standard.md @@ -0,0 +1,16 @@ +# Gold Standard + +A monetary standard based on precious metals, espoused as [[sound-money]] in [[austrian-economics]]. + +## Criticisms + +* Unequal distribution of gold across Earth gives certain countries and groups unequal access to value detached from economic activity and based purely on geography. +* Limits the amount of economic growth because supply is limited. +* Does not allow market intervention during recessions. +* Short-term price volatility +* Deflationary currencies encourage hording and punish debtors. +* Gold mining and production is not predictable on long time scales. + +## Essays + +1. [Ben Bernanke|@bernanke_essays_2004] \ No newline at end of file