The Big Problem of Small Change and over one million other books are available for Amazon Kindle. Learn more
Qty:1
  • List Price: $49.95
  • Save: $11.61 (23%)
Only 6 left in stock (more on the way).
Ships from and sold by Amazon.com.
Gift-wrap available.
The Big Problem of Small ... has been added to your Cart
+ $3.99 shipping
Used: Very Good | Details
Sold by Librarian Lady
Condition: Used: Very Good
Comment: unmarked, extremely tight & clean copy * all orders processed the same day * guarantee money back if not satisfied & free shipping on returns
Have one to sell? Sell on Amazon
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See this image

The Big Problem of Small Change (The Princeton Economic History of the Western World) Paperback – November 23, 2003

3 customer reviews

See all 5 formats and editions Hide other formats and editions
Amazon Price New from Used from
Kindle
"Please retry"
Paperback
"Please retry"
$38.34
$24.99 $19.95
Unknown Binding
"Please retry"
$38.34 FREE Shipping. Only 6 left in stock (more on the way). Ships from and sold by Amazon.com. Gift-wrap available.


Editorial Reviews

From Publishers Weekly

From Charlemagne's introduction of the silver penny in 800 AD to about the middle of the 19th century, small denomination coins were a headache for governments (due to production costs and constant shortages and depreciations); it was often more profitable for owners to melt down the small coins to make larger denominations. In The Big Problem of Small Change, Stanford University economics professor Thomas J. Sargent and Federal Reserve Bank economist Franeois R. Velde describe how economists finally solved this problem by introducing fiat money (coins whose value was symbolic), paving the way for modern forms of currency and credit. This elegantly written, scholarly work will appeal to those interested in financial history or monetary theory.

Copyright 2002 Cahners Business Information, Inc.

--This text refers to an out of print or unavailable edition of this title.

Review

Winner of the 2003 for Best Professional/Scholarly Book in Business Management & Accounting, Association of American Publishers

"The core of [the] story is a mathematical model, in this case one that captures possible solutions to the small-change puzzle, including the correct one. . . . For centuries, authorities sensed that economic health depended on the steady, predictable availability of currency. But they did not understand how to realize this goal. Messrs. Sargent and Velde deserve credit for revealing how the correct model came into being. . . . More than a penny for their thoughts."--Paul Podolsky, The Wall Street Journal

"This fascinating new history of money shows that the key ingredients of a sound currency were identified in Europe hundreds of years ago. The mystery is why, even today, so many governments fail to put this knowledge to work."--The Economist

"This elegantly written, scholarly work will appeal to those interested in financial history or monetary theory."--Publishers Weekly

"[The authors'] design serves as a temple for the conduct of research in economics as an empirical science. They have done it just right. Their book is strongly recommended."--Choice

"This is an important and wide-ranging book, which will reshape the way in which we think of the origins of modern money and modern monetary theory. It is . . . so well organized that the lay reader can get the message simply by reading the fascinating narrative and taking for granted the mathematical account of the standard formula, presented in two chapters at the conclusion. It is also splendidly illustrated and beautifully produced."--Harold James, Times Literary Supplement

"A remarkable book. . . . The Big Problem of Small Change is an impressive piece of scholarship that should be of interest to most economists, not just to economic historians. It offers a coherent model of money that helps explain a recurring problem that can arise with a commodity of money system and that provides the basis for understanding a solution to this problem."--Arthur J. Rolnick and Warren E. Weber, Journal of Political Economy

"[H]istorically-minded readers will have traversed an insightful and entertaining exploration of European monetary history and of the writings of early monetary thinkers . . . with as much enjoyment in the reading as the authors seem to have taken in the research and writing."--Robert W. Dimand, History of Economic Ideas
NO_CONTENT_IN_FEATURE

Best Books of the Month
Best Books of the Month
Want to know our Editors' picks for the best books of the month? Browse Best Books of the Month, featuring our favorite new books in more than a dozen categories.

Product Details

  • Series: The Princeton Economic History of the Western World
  • Paperback: 392 pages
  • Publisher: Princeton University Press (November 23, 2003)
  • Language: English
  • ISBN-10: 0691116350
  • ISBN-13: 978-0691116358
  • Product Dimensions: 10 x 6.9 x 1.1 inches
  • Shipping Weight: 1.6 pounds (View shipping rates and policies)
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (3 customer reviews)
  • Amazon Best Sellers Rank: #1,432,031 in Books (See Top 100 in Books)

More About the Author

Discover books, learn about writers, read author blogs, and more.

Customer Reviews

5 star
67%
4 star
33%
3 star
0%
2 star
0%
1 star
0%
See all 3 customer reviews
Share your thoughts with other customers

Most Helpful Customer Reviews

2 of 2 people found the following review helpful By Rolf Dobelli HALL OF FAMETOP 1000 REVIEWER on June 22, 2004
Format: Hardcover
Authors Thomas J. Sargent and François R. Velde offer a fascinating work of scholarship that studies the history of coinage in broad scope and depth. They dwell on a problem that is no longer a problem: the set value of coins. Internationally, consumers take it for granted that so many units of small change equal a larger unit of money. A U.S. shopper never wonders if 100 pennies could be worth more or less than a dollar. But during most of history, the value of small change was a vexing economic conundrum. The authors explore the evolution of the monetary system from Roman times, taking a circuitous and rambling path that touches on many subjects, from sieges to papal speculations. Regrettably, this book may be inaccessible to readers without a firm grounding in economic history and some comfort with higher math since the authors are scholars and assume that you are, too. Nonetheless, we recommend this sweeping book to anyone whose curiosity is piqued by this précis.
1 Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
1 of 1 people found the following review helpful By A. Zhang on February 13, 2008
Format: Paperback
Great look at the history of economics in practice. There is a great chapter about the Castilian experiment on silver and copper currency. It provides great insight and really made me think more about our economics today. Only one complaint: I wish they could've also done a study of the Chinese fiat money currency.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
By Terry Yip on November 12, 2011
Format: Hardcover Verified Purchase
If you are interested in the history of monetary system. This is the book for you!
The content is decent. Also, it is not as mathmatricall, when the authors come to theory.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again

Set up an Amazon Giveaway

Amazon Giveaway allows you to run promotional giveaways in order to create buzz, reward your audience, and attract new followers and customers. Learn more
The Big Problem of Small Change (The Princeton Economic History of the Western World)
This item: The Big Problem of Small Change (The Princeton Economic History of the Western World)
Price: $38.34
Ships from and sold by Amazon.com

What Other Items Do Customers Buy After Viewing This Item?