"This marvelous book is a fascinating and thoroughly original
combination of economic theory, economic history, and the history
of economic thought. In it, Sargent and Velde set out a simple,
modern framework for thinking about monetary systems in which
several denominations of currency circulate at once. They then use
this framework to illuminate the workings of a huge variety of
monetary arrangements in use from the Middle Ages to the present,
and to trace the evolution of our understanding of the principles
of monetary management. This is applied economics at its
best."--Robert E. Lucas, Jr., University of Chicago, 1995 Nobel
Laureate in Economic Sciences
"Thomas Sargent and Francois Velde have written a quiet
masterpiece. "The Big Problem of Small Change" solves a nearly
thousand-year old puzzle in monetary economics, it is a beautiful
economic history, and a brilliant piece of intellectual history,
showing how important ideas are in economic affairs."--John H.
Cochrane, University of Chicago
"It is rare to be able to say of a book that it is not only of
considerable importance from a scholarly point of view, but that it
is also well written and aesthetically pleasing. Yet that is
precisely the sort of book this is. "The Big Problem of Small
Change" is also unusually clear and has none of the apparent
obfuscation that other scholars accuse economists of practicing.
Most scholars get confused when dealing with mint ratios, Gresham's
Law, seigniorage rates, and so on. Amazingly, however, this is a
book that will please even the most numismatically challenged among
them."--Joel Mokyr, Northwestern University
"This collaboration between a prominent economic theorist and a
verylearned historian of European monetary thought and experience
yields a rather unusual book, one that may herald the way the world
is going. To an economist and financial historian, this is pretty
interesting stuff."--Richard Sylla, New York University
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