Exploring the Evolution of Money: Market-Based vs State-Centric Narratives

Josh Hendrickson is the chair of the department of economics at the University of Mississippi and is the author of a new paper that looks at dollar dominance through the broad historical perspective of what is called the “Treasury Standard.” Josh is also a returning guest to Macro Musings, and he rejoins the podcast to talk about this paper and the Treasury Standard concept. David and Josh also discuss the state’s monopoly over money, the path to global dollar dominance, the path dependency of the dollar system, and a lot more.

Transcript for this week’s episode.

Josh’s Twitter: @RebelEconProf

Josh’s Ole Miss profile

Josh’s joint Substack

David Beckworth’s Twitter: @DavidBeckworth

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Related Links:

*The Treasury Standard: Causes and Consequences* by Joshua Hendrickson

*If Things Are So Great, Why Don’t People Think So?* by Josh Hendrickson

*The Cost of Money is Part of the Cost of Living: New Evidence on the Consumer Sentiment Anomaly* by Marijn Bolhuis, Judd Cramer, Karl Schulz, and Lawrence Summers

*On a Correct Measure of Inflation* by Armen Alchian and Benjamin Klein