Consciousness is the last great frontier of science. Here we discuss what it is, how it differs fundamentally from other scientific phenomena, what adaptive function it serves, and the difficulties in trying to explain how it works. The emphasis is on the adaptive function.

Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities and assets extends over an infinite horizon under uncertainty and a sequentially complete asset market. Monetary policy sets the path of rates of interest and accommodates the demand for balances....