An Essay on Economic Theory

3.1. Foreign Trade

December 1, 2014
The circular-flow economy is extended to international trade.

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3.2. On Bills of Exchanges and their Nature

December 1, 2014
Bills of Exchange are a type of contract that can reduce the expense associated with transporting money.

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3.3. Further Explanations on the Nature of Exchanges

December 1, 2014
Exchange rates are a function of the balance of trade and other factors.

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3.4. The Variations in the Proportion of Values with Regard to the Metals Used as Money

December 1, 2014
The price of gold and silver and the ratio between them is determined by markets and is also based on their usefulness, cost of production, and transportation costs.

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3.5. The Augmentation and Diminution of the Denomination of Money

December 1, 2014
Raising and lowering the nominal value of money are methods by which the prince acquires resources by deceiving individuals about the value of money.

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3.6. Banks and their Credit

December 1, 2014
Fractional-reserve banking is a system where the banks lend some of their deposits and earn interest, but it comes with risks.

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3.7. Further Explanations and Enquiries as to the Utility of a National Bank

December 1, 2014
National Banks are of little utility and can be the source of economic chaos.

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3.8. The Refinements of Credit of General Banks

December 1, 2014
Inflation is a corrupt process and can result in bank runs and economic chaos.

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