“The solution, Fisher thought, was obvious: redefine the meaning of money. Instead of defining the dollar as a fixed amount of gold, define it as a fixed basket of stuff. “We want a dollar which will always buy the same aggregate quantity of bread, butter, beef, bacon, beans, sugar, clothing, fuel, and the other essential things for which we spend it,” he wrote. Fisher’s idea was brilliant – and very close to the way the dollar works today.”
