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Do We Need a 37-Cent Coin? (2009)
A young economist I know, Patrick DeJarnette, believes a much more radical change in currency is warranted. Here is what Patrick writes: Late one night I was curious how efficient the “penny, nickel, dime, quarter” system was, so I wrote a little script to compare all possible 4-coin systems, with the following stipulations:
A young economist I know, Patrick DeJarnette, believes a much more radical change in currency is warranted. Because he finds that the current government solution for the coins we use is 98 percent efficient and thinks this is inefficient. The other day I was walking through the halls of the University of Chicago economics department and heard a faculty member say that the right rule of thumb for government spending is that it is worth only 10 cents on the dollar because of inefficiency.
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