This article develops some diverse hints for a new monetary system(BFH System) offered separately by Fischer black. Eugene Fama. And Robert E. Hall. BFH system perfectly illuminates some characteristics of our existing and recent systems. The main idea of BFH system is to define the unit of account physically, in terms of many commodities, and not in terms of any medium of exchange whose value depends on regulation of its quantity or on its redeemability.
Professor Sherwin Rosen correctly suggests that the Austrian and neoclassical schools can be complementary, each accepting much from the other. However his recognition of Austrian strengths needs to be amplified and his criticisms need softening. His appeal to the market test risks encouraging anti-intellectual attitudes and practices
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