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preface Arthur Seldon
THE ORIGIN OF THE GOVERNMENT PREROGATIVE
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accept aggregate price amount Arthur Seldon assets Austrian School cash cause central banks cheque circulation coins collection of commodities competition concurrent currencies contracts countries course demand depreciating currency depreciation desirable different currencies distinct ducats economic economists effect enterprise expected F. A. Hayek finance fixed rate fluctuations gold standard government monopoly Gresham's law increase individual inflation institutions issue of money issuer issuing bank issuing money kind of currency kind of money legal tender Legislation and Liberty liquid ment metal monetary policy monopolist monopoly of issuing national currencies national price paper money political possible practice prefer prevent price level probably problems produce Professor Hayek proposal quantity of money quantity theory rate of interest rates of exchange redeem regions regulate relative prices stable currency supply of money token money trade unemployment unit of account value of money wages Walter Bagehot wholly