Are Free Market Fiduciary Media Possible? On the Nature of Money, Banking, and Money Production in the Free Market Order

Recent debates in monetary theory have centered on so-called free banking and the role of banks providing money form fiduciary media a pure market economy. This paper examines how to what extent can emerge Based value, it is argued that those economists are mistaken who claim substitutes must all cases be interpreted as being titles. Those too mistaken, however, large for circulation It holding one’s cash balance an entrepreneurial error, by their nature do not qualities people demand money. Money comparatively most certain good present par excellence, have. Holding instead therefore like errors market, will tend eliminated process profit loss, leading virtual disappearance from