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Barley, Gold, or FiatToward a Pure Theory of Money$
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Thomas Quint and Martin Shubik

Print publication date: 2014

Print ISBN-13: 9780300188158

Published to Yale Scholarship Online: May 2014

DOI: 10.12987/yale/9780300188158.001.0001

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The Properties of Markets

The Properties of Markets

(p.9) Chapter 2 The Properties of Markets
Barley, Gold, or Fiat

Thomas Quint

Martin Shubik

Yale University Press

In this chapter several general aspects of economic markets are discussed, to which our approach allows detailed study. This includes distinguishing among types of money (perishables vs storable consumables vs durables vs fiat) and types of trading structure (sell-all vs buy-sell vs double auction), breaking down the “trading day” into time intervals where different activities take place, and pointing out that the well-known Fisher equation can vary according to the particular type of market one is studying.

Keywords:   buy-sell market, markets, physical goods, sell-all market, trading day

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