Mises Wire
Author:
Frank Shostak
Online Publish Date:
According to some commentators on the gold standard, an increase in the supply of gold generates similar distortions as money out of “thin air” does. Let us start with a barter economy. John the miner produces ten ounces of gold. The reason why he mines gold is because he believes there is a market for it. Gold contributes to the well-being of