Daming: Grandpa Emperor, please get up and sit on my throne!

Before we knew it, time had passed.

Until the sky outside the hall gradually darkened, Ma Sanbao quietly lit all the candles in the hall.

No one in the hall seemed to notice much.

As time passed by unnoticed, the two different time and space seemed to gradually merge...

"In the long run, the general price level will adjust to a level that makes the demand for money equal to the money supply. If the price level falls below the equilibrium level, the amount of money demanded by the people of the Ming Dynasty will be less than the amount of money released by the court. At this time, the price level must rise to bring supply and demand back into equilibrium."

“That’s what we call ‘inflation’!”

At the end of his speech, Zhu Yunhuan threw the chalk in his hand aside, looked at everyone with a confident smile on his lips.

And as his voice fell.

Deathly silence... There was no sound in the entire hall, which fell into a deathly silence.

Yu Xin, Gu Pu, Xia Yuanji, Lin Chengxuan and others stared at the blackboard where Zhu Yunhuan had written many notes and notes, as if their minds were captivated.

Explained clearly...

It actually explains everything clearly from beginning to end! Using a very rational, quantitative, and data-driven approach, it makes a seemingly confusing issue crystal clear and understandable!

The amount of information was not small and new, so Zhu Yunhuan did not interrupt them. He just dusted off his hands, yawned a little tiredly, stretched himself, and casually stretched his limbs.

At the same time, Ma Sanbao on the side immediately handed Zhu Yunhuan a silk handkerchief soaked in warm water.

Zhu Yunhuan wiped his hands clean with a handkerchief without any concern, then paced slowly and lay back on the couch without any image, feeling as if his body was hollowed out.

I was grading papers from morning to afternoon.

After finishing the work and taking a short break, I started teaching and continued until dark.

It's really a bit tiring.

But what he pursued was efficiency, and today's harvest and results were not bad. The bait he threw out caught good fish - all of them were useful cattle and horses.

"Your Majesty, this is freshly dried tea. It's neither cold nor hot. Please enjoy it." Ma Sanbao came forward with a tea tray and said considerately.

He talked a lot.

He was really thirsty at the moment, so Zhu Yunhuan picked it up, tilted his head back and drank it all in one gulp, and when he put down the teacup in his hand.

Several people stared at the blackboard, each thinking about something.

This is when things started to move:

"Your Majesty has a far-sighted vision. I, a humble servant, am a frog in a well. Your Majesty's vision is far greater than anyone else in the world!"

"I see! The causes of inflation are clearly explained!"

"Your Majesty is truly talented! I admire you so much! I bow down before you! With Your Majesty at the helm, the Ming Dynasty will surely prosper!"

"..."

At this moment, the voices of several people no longer contained the vague sense of dissatisfaction, doubt, etc., and every sigh was full of enthusiasm and sincerity.

A problem is difficult to solve, mostly because it's too complex, or because the underlying root cause is simply unclear. However, if you can analyze a problem thoroughly, then...

The solution to the problem may not be so clueless.

"So what do you think now...how should we deal with the 'Great Ming Treasure Note', this hot potato that we are in a dilemma of whether to issue it or not?" This was the third and final question Zhu Yunhuan asked them.

Finding the underlying cause of the problem is not the point.

Solving the problem is the end point.

And this time.

When Zhu Yunhuan asked the same question again.

Although Yu Xin, Gu Pu, Xia Yuanji and Lin Chengxuan did not have the confident look on their faces that they could definitely solve the problem, they were far from being as confused as before. They did not have the certainty at the beginning that "this problem has no solution at all, and no one can really explain the reason for this difficult problem."

instead.

Several people had eager and thoughtful expressions on their faces, as if they felt they had finally grasped something in the fog. At the same time, they were also going over in their minds what they had heard and learned before.

After a moment of thought.

Several people began to analyze proactively:

"First, we must not simply stop issuing or abolish the Ming Dynasty Treasure Notes. Otherwise, only copper coins will circulate in the market. For many commodity transactions, the payment of currency alone is a major issue. Even if we are in the same city, if the transaction amount is too large, we may have to use a truck to pay, not to mention long-distance transactions between different states."

"Yes, this will definitely be extremely damaging to the Ming Dynasty."

"But if the Ming Dynasty doesn't want to give up the benefits of lightweight paper currency like the 'Da Ming Bao Chao,' the court will inevitably face a major problem: how to control the issuance of the 'Da Ming Bao Chao,' and how much should be issued each year."

"This brings us back to the diagram Your Majesty explained to us earlier: 'The relationship between money supply and money demand determines monetary equilibrium.'"

"According to the principle of this relationship diagram."

"The imperial court needs to control the amount of currency issued within a certain range to achieve a balanced price level. If the amount of currency issued is too low, it will affect market activity and affect commercial activities throughout the Ming Dynasty. If the amount of currency issued is too high..."

"This has become the 'inflation' that is already showing signs."

"The students thought that the ultimate problem was how to control the amount of money circulating in the market."