Thomas Levenson "Money for Nothing" (Random House, 2020)
New Books in Economics
00:00
The Perpetual Emotion Machine - The Arbitrage Opportunity
Silver was worth more in gold on the continent than it was in golden guineas in London. People melted down legal, full weight English coins and shipped them across the channel to buy gold. They would bring the gold back to London and exchange it for silver coinage at the set rate in England. In 1695, officials in the treasury said, we have to do something about this. And they asked a number of different sort of wise men, including Isaac Newton and the philosopher John Locke, what they should do about it.
Transcript
Play full episode
