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Olduvai III: Catacylsm
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What Causes the Acceptance of Paper Money?

WHAT CAUSES THE ACCEPTANCE OF PAPER MONEY? Demand for a good arises because of its perceived benefit. For instance, people demand food because of the nourishment it offers them. This is however not so, with regard to the pieces of paper we call money – why do we accept them? Following the view of Plato […]

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Why oil under $30 per barrel is a major problem

Why oil under $30 per barrel is a major problem A person often reads that low oil prices–for example, $30 per barrel oil prices–will stimulate the economy, and the economy will soon bounce back. What is wrong with this story? A lot of things, as I see it: Oil producers can’t really produce oil for $30 […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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