Accounting for Non-interest-bearing Currency: A Critique of the Legal Restrictions Theory of Money
批判了Neil Wallace等人提出的货币法律限制理论，该理论认为在自由放任条件下所有非商品货币都应有息。作者引用历史证据反驳，并提出基于计算成本的替代解释，适合对货币理论和货币政策感兴趣的学者。
The legal restrictions theory of money, developed by Neil Wallace and others, implies that all noncommodity currency would be interest bear ing under laissez faire (if the interest rate on bonds is positive). This note cites historical evidence to the contrary. It then analyzes the source of the legal restrictions theory's inapplicability, and o ffers an alternative computation-cost-based explanation for nonintere st-bearing currency. Copyright 1987 by Ohio State University Press.