Imagine a community with a barter economy where a group of men are permitted to impose a great deal of violence on their fellow citizens. Let's call this group the state. The state prints paper tickets denominated in numbers and passes them out to the population.
Yuri Kuznetsov
Yuri Kuznetsov is a researcher at the Institute of Economic Forecasting of the Russian Academy of Sciences and a member of the Institute for the Study of Russian Economy in Moscow
Latest work
Hans-Hermann Hoppe, in his excellent article "How Is Fiat Money Possible? — or, The Devolution of Money and Credit, explained that fiat money can come into existence through the progressive...
