A SYSTEMIC STUDY OF MONETARY SYSTEMS
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Abstract Self-organizing systems are defined as able to change their structure, according to need, within specific equivalence classes. Once hierarchical levels and their value functions are assigned, requirements of invariance under transformations within an equivalence class can be used as a principle to determine the population of each level. This program is carried out in complete detail for the monetary system. It has been possible to deduce the distribution law that specifies how many “coins” for each level must stay in circulation; this law agrees well with empirically observed data from about ten different countries. It is also possible to understand the processes of reorganization of monetary systems induced by inflation, i.e. the disappearance of coins of low value and the simultaneous issue of coins or higher value.