A Theory of Money, Prices, and the Rate of Interest, Part II. Fiat Money and Noncooperative Equilibrium in a Closed Economy.

A Theory of Money, Prices, and the Rate of Interest, Part II. Fiat Money and Noncooperative Equilibrium in a Closed Economy.

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Outline of an approach to a theory of fiat money that investigates the properties of a noncooperative trading game embedded in a closed economic system. A simple model is constructed to illustrate the use of fiat money in an economy with no uncertai...