Save the Penny

Greg Mankiw and Tyler Cowen think we ought to get rid of the penny. I’m not so sure. Despite any economic rationalizations, people are weirdly loyal to their currencies.
Proper British gentlemen would never dream of conducting their racehorse business in anything but guineas. (I mean…really.) Did I mention that the last guinea was minted 193 years ago?
See here for an example.

Posted by on June 7th, 2006 at 10:02 am


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