INDIGENOUS TECHNOLOGY AND THE ORDER OF CURRENCY
INDIGENOUS TECHNOLOGY AND THE ORDER OF CURRENCY Paul Michael Romer, an American economist and Nobel prize winner for integrating technological innovations into long-run macroeconomic analysis, brought into focus a major factor which is responsible to increase the prestige of a currency of any country in question. It is not the produce, not the products but the technique or the novel method of their production which brings the currency of any nation into fashion. Simply, it is the intellectual property of a nation which gives its currency the prospects or wings to fly. Infact, 'gaining in currency' is a term often used for certain highly popular ideas in scientific community or even a certain personality. So, the word itself denotes something popular, something sought after and something largely trusted upon. In other words, it is not merely a monetary currency which people trust, it is th...