Money Capital: New Monetary Principles for a More Prosperous Society



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English | May 21st, 2024 | ISBN: 0691232229 | 312 pages | True PDF | 7.09 MB

A novel perspective on monetary and fiscal policy that views money as the equity capital of a nation

A conventional economic theory, monetarism, holds that inflation is a monetary phenomenon driven by changes in the supply of money. Yet recent experience—including the aftermath of the financial crisis of 2008 and the economic development of China—contradict this basic prediction. In this book, leading economists Patrick Bolton and Haizhou Huang offer a novel perspective, viewing monetary economics through the lens of corporate finance. They propose a richer theory, where money can be seen as the equity capital of a nation, playing a similar role as stocks for a company. This innovative framework integrates the real and monetary sides of the economy, with a banking sector and debt at its core.