16 lines
638 B
Markdown
16 lines
638 B
Markdown
# Gold Standard
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A monetary standard based on precious metals, espoused as [[sound-money]] in [[austrian-economics]].
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## Criticisms
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* Unequal distribution of gold across Earth gives certain countries and groups unequal access to value detached from economic activity and based purely on geography.
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* Limits the amount of economic growth because supply is limited.
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* Does not allow market intervention during recessions.
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* Short-term price volatility
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* Deflationary currencies encourage hording and punish debtors.
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* Gold mining and production is not predictable on long time scales.
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## Essays
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1. [Ben Bernanke|@bernanke_essays_2004] |