The term “Silent Economist” usually refers to someone who works outside of mainstream institutions.<\/p>\n\n\n\n
Silvio Gesell<\/strong> was one such silent economist whose work influenced monetary theory and in particular Keynes’ liquidity preference theory.<\/p>\n\n\n\n For a period of time he lived and worked in Argentina, but the lasting impact of the 1890 depression and led him to become a self-taught economist specialising in the field of monetary economics.<\/p>\n\n\n\n His most famous idea is that money should lose its value over time through a holding charge (demurrage). He believe that money holder gained more power over producers who goods deteriorated or accrued storage costs over time. Having a currency that depreciated in value over time would encourage circulation rather than hoarding.<\/p>\n\n\n\n He believed that interest rates occur because people can withhold money from circulation and demand a reward before releasing it. He saw this as a source of instability, unemployment, and recurring economic crises. He therefore advocated an economy with greatly reduced or even eliminated interest income through monetary reform.<\/p>\n\n\n\n Gesell explained that modern systems of money and land ownership allows wealth to flow into the pockets of those who has not contributed to the creation of that wealth, and so there is not enough left to adequately compensate those who actually produce wealth.<\/p>\n\n\n\n His work led John Maynard Keynes to describe him as “[An] unduly neglected prophet.”<\/p>\n\n\n\n For more information see<\/p>\n\n\n\n https:\/\/en.wikipedia.org\/wiki\/Silvio_Gesell<\/a><\/p>\n\n\n\n