What is the present value of holding a winning lottery ticket that pays out over ten years? Specifically, explain what formula would you use to compute the value. How does the present value change when interest rates rise?
This question is about money, “economic anthropology” and “forensic economics.” In other words, CSI meets Indiana Jones meets Jerome Powell . . (a) If you were to travel to a newly discovered civilization deep in the heart of the Amazon. How could you tell whether or not this civilization had an economy based on money? […]