The commodity theory of money is the view that money emerged from barter and that physical commodities that were well suited as a store of value and a medium of exchange came to function as money. This theory is asserted by the Austrian School of economics. The founder Carl B. Menger stated: “[Money] is not […]
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For most of human history societies have used some form of hard money. The definition of hard money is a form of money were it is difficult to produce new units and therefore it is difficult to increase the supply. This is also known as sound money. Easy money, by contrast, is money that is
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The origins of money are murkier than many would have you believe and the oldest form of money is not entirely clear. The standard story is that we moved in a gradual process from barter to using commodity money such as cows, shells and ultimately metal coins. But that is not universally accepted. David Orrell,
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The term “sound money” refers to a type of money which acts as a reliable store of value over time where it is difficult to dilute the supply and therefore the value with new units. The soundness of money depends on how well it retains its value and how difficult it is to increase the
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There is a lot to learn from the inflation in Rome that ravaged the empire towards the end. It is a cautionary tale and one that we can draw many insights from. It’s quite natural that we might look at the story of the inflation in Rome and draw comparisons to our American dominated world
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