Money: What It Is, How It Works

Is it money or is it rocket science? Money: What it Is, How it Works is the brainchild of William F. Hummel, a retired rocket scientist. What this site offers is a highly readable and well-organized introduction to basic U.S. monetary policy. But equally important are the esoteric concepts that make for great cocktail conversation (try seigniorage, for instance). Hummel includes essays from notable economists including Nobel laureate William Vickrey writing on the need for a budget deficit and L. Randall Wray comparing social security surpluses to the stockpiling of subway tokens. You'll be sure to leave this site a little wiser about the monetary system and may even find yourself chuckling over the Ode to Money.