With a currency, turn on the lights and what is revealed is a basic case of monopoly. The section of the paper on monopoly perhaps should have come first, as logically all else follows. At the time, however it seemed better to reveal the monopoly rather than begin with it. Any pk on this list who has a real grasp of pkme as outlined by Cottrell should find this paper both enlightening and compelling. Hopefully, this seminar will reveal any flaws that may remain.
Some parts are short and thick.
Words are carefully chosen. What is important is not so much a new policy option, but a clear understanding of the forces at work in our monetary system. This, of course, leads to the recognition that prices are exogenous in the same way that interest rates are, and that government can constrain the price level by constraining the prices it pays, rather than by constraining the quantity of money it spends. I hope you don't mind that I will save my direct responses to your comments until after a few days. At that point I will give you a chance to restate your inquiries and concerns if they have changed.