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Will Luther on Sound Money

Over at Atlas's Sound Money Project, Cato Adjunct Scholar (and Larry White student) Will Luther tells us what "Sound Money" means to him. A sample:

For me, the important aspects are the ability to facilitate exchange—which any money will do but some might do better than others—and the degree of macroeconomic stability enabled by that money. When comparing monies along these margins, then, we must establish a benchmark. In what follows, I’ll try to establish a benchmark for the second of those aspects: namely, the degree of macroeconomic stability enabled by a money.

Read on to discover just what Will means by "macroeconomic stability." I find his approach convincing–but I suppose I might be a tad biased.