Abstract
In an often-cited article in this journal, Caianiello et al. (1982. International Journal of General Systems, 8 (2), 81-92) formulate a 'principle of invariance' for currency systems. They build on this principle to explain the distribution of the coins and banknotes in circulation over the different denominations, and analyse how a currency system adjusts to inflation. This paper shows that Caianiello et al.'s distribution law is flawed because the principle of invariance is false.
| Original language | English |
|---|---|
| Pages (from-to) | 215-223 |
| Number of pages | 9 |
| Journal | International Journal of General Systems |
| Volume | 41 |
| Issue number | 3 |
| DOIs | |
| Publication status | Published - 1 Apr 2012 |
Keywords
- Currency denominations
- Hierarchical selforganizing systems
- Principle of invariance
- Refining transformations