At 10:37 AM +0000 on 1/24/02, Ken Brown wrote:
> Maybe, in general, the more kinds of money there "are" the less money is > distinct from goods. Right. That's Gene Fama (efficient market hypothesis), Fisher Black (Black-Scholes option pricing model), et. al., "new" monetary economics idea, circa 1980 or so. If transaction cost is low enough, commodities become money, and money commodities. There's no need for a numeraire. Someday. :-). Cheers, RAH -- ----------------- R. A. Hettinga <mailto: [EMAIL PROTECTED]> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'
