The common market is a customs union and in addition has free flow of factors like labour and capital. The economic union is a common market which in addition has a common currency and a uniform monetary and fiscal policy, and which probably must have a common federal government as well. ...
Intermediate commodities must surely be included in most definitions of money. No doubt payment is more acceptable in the form of official currency; but an intermediate still performs some of money’s functions even when it takes less convenient forms. Money has been defined by economists as e...
"Brothers and sisters, to rid this country of the termite-like corruption and black money, it has become essential to take one more tough step. Starting midnight tonight, that is, on the midnight of November 8, 2016, the current currency notes of denominations of rupees 500 and rupees 1,...
Add to this picture the November 2016 demonetization that declared all high-value banknotes (500 and 1,000 rupees) to no longer be legal tender. The move was intended to eliminate counterfeit currency and cash that had been hidden to avoid tax payments. It should be no surprise that the ...