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2.Gary Becker (1993) has written: "With thousands of banks issuing

notes, many resources will have to be allocated ... to informing the

public as to the quality of different notes. Since the conserving of

resources used to facilitate transactions is one motivation for a paper

currency, it seems desirable to outlaw private bank notes." Identify

the strong and weak points (both theoretical and empirical) of Becker's

argument. How does it provide, or fail to provide, a persuasive rationale

for government note monopoly?