Money was linked historically to the value of commodities such as gold in order to help preserve its value and encourage its wide and ongoing use. There are many examples of countries temporarily delinking from commodity standards. This lecture will explore the consequences of tying monetary value to commodities and why there are better choices for a government than a commodity standard.
The transcript and downloadable versions of the lecture are available from the Gresham College website: http://www.gresham.ac.uk/lectures-and-events/from-gold-to-paper-and-back-again
Gresham College has been giving free public lectures since 1597. This tradition continues today with all of our five or so public lectures a week being made available for free download from our website. There are currently over 1,500 lectures free to access or download from the website.
Jagjit Chadha is the Mercers' School Memorial Professor of Commerce at Gresham College and Professor of Economics at the University of Kent. He has also acted as an academic adviser to HM Treasury, the Bank of England and many policy-making institutions around the world. His main interests lie in macroeconomics, with a particular focus on monetary issues.