What exactly is money? A standard of value? Yes. A medium of exchange? Yes. But they’re not the full story. What money was created, what made money money was that the government that issued it required it be used to pay taxes.
What IS money? Part 1
What is money? The generally accepted definition of money I was taught in High School Economics class is “Money is a medium of exchange and a standard of value”. What does this mean? Store of value You can save it now and use it later to buy stuff. Medium of exchange It’s what everyone uses […]
What is money? Part 2
In our last episode of “What is money?”, we left off with… Now, for the first time, people travel. Some villagers from various villages were conscripted into the Army and sent off to fight people in neighboring armies. What is money? The story of the origin of money, continued These soldiers need stuff. They need […]