Nobel laureate mathematician John Forbes Nash, who
inspired the Hollywood film, A Beautiful Mind,
says inflation could be controlled more effectively if
major global currencies collectively adopt the same target
for his principles of game theory, the branch of mathematics
that examines rivalries among competitors with mixed interests,
Nash likened the currencies as the rivals and the mixed
interest as being their quest for a stable value.
the case of Italy and Greece, who have accepted the use
of the newly established euro, over their own Lira and
Drachma respectively, Nash said, "In the near future,
there may be a smaller number of major currencies used
in the world and these may stand in competitive relations
among themselves," Nash said here.
a lecture under the Nobel laureate series organised jointly
by the ministry of external affairs and CII, in Mumbai,
on "Ideal money and asymptotically ideal money",
Nash said, "There is now the euro and the inflationary
tradition of the Italian Lira seems to be past history
could be a similar international currency for the Islamic
world and South America, he said. Nash said inflation
opens the possibility that somehow the various major currencies
may evolve to develop stability of value.