Money Capital: New Monetary Principles for a More Prosperous Society

A conventional economic theory, monetarism, holds that inflation is a monetary phenomenon driven by changes in the supply of money. Yet recent experience-including the aftermath of the financial crisis of 2008 and the economic development of China-contradict this basic prediction. In this book, Patrick Bolton and Haizhou Huang offer a novel perspective, viewing monetary economics through the lens of corporate finance. They propose a richer theory, where money can be seen as the equity capit...