Adaptive Learning and the Transition to Fiat Money
Bibliographic Data
| ID | 9713145 |
|---|---|
| Authors | George Selgin (University of Georgia, corresponding author) |
| Year | 2003 |
| Volume | 113 |
| Issue | 484 |
| Pages | 147-165 |
| Publication date | 2003-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/1468-0297.00094 |
| OpenAlex | W2009180614 |
| Language | EN |
| Citations received | 6 |
| References cited | 17 |
This article explores some implications of adaptive learning for monetary evolution using a search--theoretic framework that allows for media--of--exchange network effects. Adaptive learning precludes any voluntary transition to a fiat standard from a non--monetary state of nature and can account for the historically--observed tendency for fiat monetary standards to emerge only following the prior appearance of commodity money and the widespread employment of redeemable banknotes. Adaptive learning can also account for governments" frequent resort to coercive measures to force a switch to fiat money and for their ability to affect such a switch even when doing so is not Pareto optimal. Copyright Royal Economic Society 2003
Adaptive Learning · Commodity · Economics · Fiat money · Market economy · Monetary economics · Monetary policy · Operations management · Pareto principle · Transition (genetics · Artificial Intelligence · Complex Systems and Time Series Analysis · Computer Science · Economic Policies and Impacts · Economic theories and models
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| Unique citing works | 6 |
|---|---|
| Citations per year | 0,26 |
| Citation span | 2003 - 2024 (22) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 6 |