How Fiat Money Made Beef More Expensive

Source: Ludwig von Mises Institute
by Kristoffer Mousten Hansen

“In my article on the gold standard published in the Journal of Libertarian Studies back in May, I suggested that the destruction of the gold standard led to changing consumption patterns, specifically to a drop in the consumption of beef. The eminent economist George Selgin was kind enough to suggest that this was a novel argument, although in truth, in that essay I did no more than hint en passant at a possible connection between fiat money and changing consumption patterns, without explaining what the causal factors at work are. Therefore, I think the thesis bears restating and expanding upon.” (10/04/21)

https://mises.org/wire/how-fiat-money-made-beef-more-expensive