How To Retire In The Philippines
That is the question asked by John Cochrane in this recent draft essay ( non-PDF version here ), in response to a current Journal of Financial Perspectives report by Robin Greenwood and David Scharfstein. Both need to be necessary reading for any introductory finance class. There is so much in these essays that one weblog post could not hope to adequately cover the subject, so don’t anticipate this to be anything resembling a complete response.
In a monetary economy, it is in everyone’s private interest to try to get an individual else to hold non-interest-bearing money and reserves. But a person has to hold it all, so all of these efforts should basically cancel out. All of us commit numerous hours per year in this effort, and we employ thousands of talented and highly-educated people to assist us. These person-hours are just thrown away, wasted on a process that need …
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