Better Money Explained: Gold vs Fiat vs Bitcoin | Prof. Lawrence H. White

In this episode of Business Talk, Emeritus Professor Lawrence H. White, an American economist formerly of George Mason University, joins us to discuss the central ideas from his book Better Money: Gold, Fiat, or Bitcoin? He explains what a “monetary standard” means in practice and compares three alternatives, gold, fiat money, and Bitcoin, through a clear lens: how well each system responds to changes in money demand and how stable its purchasing power is over time. Professor White challenges the notion that a gold standard has a rigid money supply, arguing that recycling and expanded mining can make gold supply more responsive than many assume, while also emphasizing gold’s longer-run predictability. He contrasts this with fiat systems, where central banks must forecast money demand (often imperfectly), and with Bitcoin’s fixed supply rule, which he argues can produce extreme volatility and limits its usefulness as everyday money and for long-term contracts. Drawing on history, including his interpretation of the Great Depression, and present-day policy dilemmas, he makes the case that real-world monetary performance depends less on slogans and more on incentives, institutions, and how monetary systems handle shocks. This podcast is brought to you by Global Management Consultancy. For more information, please visit www.globalmanagementconsultancy.com. Disclaimer: A. The background music used in this video is the property of its respective developer and is protected by Copyright. Although it is a free version, Business Talk, Global Management Consultancy and Deepak Bhatt do not hold the rights to this music. B. Dr. Lawrence White offered thoughtful perspectives from his acclaimed book, “Better Money: Gold, Fiat, or Bitcoin?”, in his conversation on the Business Talk podcast channel. The uploaded video contains copyrighted material; therefore, any modifications to graphics, music, or the presence of the author or host are strictly prohibited.