Teyanna Munyan's Reviews > Money Mischief: Episodes in Monetary History

Money Mischief by Milton Friedman
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Good book. Learned about the gold&silver standard in the US and learned a bit more about inflation & money. The island of Yap with their stone money was interesting and the helicopter inflation analogy was good. I wish it had an epilogue by another author that ties in the last 20 years to the book, so it wasn't so outdated (well I guess a second epilogue since it already has a short one by Milton Friedman). I thought he might have been a tad too harsh on central bankers.
Quotes I liked from the last chapter:

"It is natural for individuals to generalize from their personal experience, to believe that what is true for them is true for the community. I believe that that confusion is at the bottom of most widely held economic fallacies - whether about money... or about other economic or social phenomena."

"It is a disagreeable custom to which one is too easily led by the harshness of the discussions, to assume evil intentions. It is necessary to be gracious as to intentions; one should believe them good, and apparently they are; but we do not have to be gracious at all to inconsistent logic or to absurd reasoning. Bad logicians have committed more involuntary crimes than bad men have done intentionally.~Pierre S. du Pont"

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Reading Progress

February 13, 2013 – Started Reading
February 13, 2013 – Shelved
May 29, 2013 – Finished Reading

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