George Selgin says Britain used pound sterling as its main monetary unit from 1717 to 1817 despite having no pound coins in circulation. He argues a ghost money unit can work if it is reliably fixed to other metallic media.
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George Selgin says Britain used pound sterling as its main monetary unit from 1717 to 1817 despite having no pound coins in circulation. He argues a ghost money unit can work if it is reliably fixed to other metallic media.
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