Commodity - Revision history

Pesterbot: /* Links */External Links to Links, replaced: ==External links== → ==Links==

2011-06-21T18:29:37Z

Links: External Links to Links, replaced: ==External links== → ==Links==

← Older revision		Revision as of 18:29, 21 June 2011
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	{{Reflist}}		{{Reflist}}

	==~~External links~~==		==Links==
	* [[Wikipedia:Commodity\|Commodity]] on Wikipedia		* [[Wikipedia:Commodity\|Commodity]] on Wikipedia
	* [http://mises.org/daily/3018 Commodity Prices and Inflation: What's the Connection?] by Frank Shostak, July 2008		* [http://mises.org/daily/3018 Commodity Prices and Inflation: What's the Connection?] by Frank Shostak, July 2008

Forgottenman: /* External links */Category:Economical Concepts --> Category:Economic concepts using AWB

2010-11-09T18:01:06Z

External links: Category:Economical Concepts --> Category:Economic concepts using AWB

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	* [http://mises.org/etexts/menger/seven.asp The Concept of the Commodity in Its Popular and Scientific Meanings] from the Principles of Economics by [[Carl Menger]], 1871, featuring an older definition of a commodity		* [http://mises.org/etexts/menger/seven.asp The Concept of the Commodity in Its Popular and Scientific Meanings] from the Principles of Economics by [[Carl Menger]], 1871, featuring an older definition of a commodity
	* [http://mises.org/daily/2134 How China's monetary policy drives world commodity prices] by Frank Shostak, May 2006		* [http://mises.org/daily/2134 How China's monetary policy drives world commodity prices] by Frank Shostak, May 2006
	[[Category:~~Economical Concepts~~]]		[[Category:Economic concepts]]

Pestergaines: 4 revisions: Importing pages from Autrian Economics Wiki.

2010-11-06T08:24:29Z

4 revisions: Importing pages from Autrian Economics Wiki.

← Older revision		Revision as of 08:24, 6 November 2010
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Pestergaines: Typo.

2010-06-22T21:26:34Z

Typo.

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	* [http://mises.org/daily/2773 The Future of the Commodity Price Boom] by Stefan Karlsson, November 2007		* [http://mises.org/daily/2773 The Future of the Commodity Price Boom] by Stefan Karlsson, November 2007
	* [http://mises.org/etexts/menger/seven.asp The Concept of the Commodity in Its Popular and Scientific Meanings] from the Principles of Economics by [[Carl Menger]], 1871, featuring an older definition of a commodity		* [http://mises.org/etexts/menger/seven.asp The Concept of the Commodity in Its Popular and Scientific Meanings] from the Principles of Economics by [[Carl Menger]], 1871, featuring an older definition of a commodity
	* [http://mises.org/daily/2134 How China's monetary policy drives world commodity prices] by Frank Shostak, May 2006]		* [http://mises.org/daily/2134 How China's monetary policy drives world commodity prices] by Frank Shostak, May 2006
	[[Category:Economical Concepts]]		[[Category:Economical Concepts]]

Pestergaines: Resource added.

2010-06-22T21:26:10Z

Resource added.

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	* [http://mises.org/daily/2773 The Future of the Commodity Price Boom] by Stefan Karlsson, November 2007		* [http://mises.org/daily/2773 The Future of the Commodity Price Boom] by Stefan Karlsson, November 2007
	* [http://mises.org/etexts/menger/seven.asp The Concept of the Commodity in Its Popular and Scientific Meanings] from the Principles of Economics by [[Carl Menger]], 1871, featuring an older definition of a commodity		* [http://mises.org/etexts/menger/seven.asp The Concept of the Commodity in Its Popular and Scientific Meanings] from the Principles of Economics by [[Carl Menger]], 1871, featuring an older definition of a commodity
			* [http://mises.org/daily/2134 How China's monetary policy drives world commodity prices] by Frank Shostak, May 2006]
	[[Category:Economical Concepts]]		[[Category:Economical Concepts]]

Pestergaines: Adding categories

2010-06-22T21:12:49Z

Adding categories

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	* [http://mises.org/daily/2773 The Future of the Commodity Price Boom] by Stefan Karlsson, November 2007		* [http://mises.org/daily/2773 The Future of the Commodity Price Boom] by Stefan Karlsson, November 2007
	* [http://mises.org/etexts/menger/seven.asp The Concept of the Commodity in Its Popular and Scientific Meanings] from the Principles of Economics by [[Carl Menger]], 1871, featuring an older definition of a commodity		* [http://mises.org/etexts/menger/seven.asp The Concept of the Commodity in Its Popular and Scientific Meanings] from the Principles of Economics by [[Carl Menger]], 1871, featuring an older definition of a commodity
			[[Category:Economical Concepts]]

Pestergaines: Created initial page for Commodity.

2010-06-22T21:12:34Z

Created initial page for Commodity.

New page

{{Stub}}

A '''commodity''' is a basic good, material, or product that is produced in very large quantities and is usually sold in raw or only partly processed form. The most common commodities are essential agricultural products such as wheat, sugar, rubber, and coffee and basic mineral-derived products like copper, tin, or silver. On a more general level, a commodity may also be any manufactured product — for example, computer chips — that has become so common or inexpensive in design or manufacture that it is almost impossible to tell the difference between two producers' versions of that commodity.<ref name="Encyclopedia_commodity">Encyclopedia.com. [http://www.encyclopedia.com "Commodity."], Gale Encyclopedia of U.S. Economic History. 1999. Referenced 2010-06-22.</ref>

==Commodity money==
How does a '''commodity''' such as gold or silver turn into [[money]]? To be spontaneously adopted as a medium of exchange, a commodity must be desired for its nonmonetary services (for its own sake) and be marketable, that is, it must be widely bought and sold. The prices that are initially being paid for its nonmonetary services enable prospective buyers to estimate the future prices at which one can reasonably expect to resell it. The prices paid for its nonmonetary use are, so to speak, the empirical basis for its use in indirect exchange. The monetary demand then adds to the original nonmonetary demand, so that the price of the money-commodity contains a monetary component and a nonmonetary component.

The medieval scholastics called money a ''res fungibilis et primo usu consumptibilis'' ("A thing that is [[Wikipedia:Fungibility|fungible]] and primarily used in consumption."). It was in the very nature of money to be a marketable thing that had its primary use in consumption.<ref name="Hulsmann_commodity">Jörg Guido Hülsmann. [http://www.mises.org/books/moneyproduction.pdf "The Ethics of Money Production"] (pdf), 2. The Origin and Nature of Money p.23-24, referenced 2010-06-22.</ref>

The distinguishing characteristic of money is that it is the general medium of exchange. It has evolved from the most marketable commodity.<ref name="Shostak_money">Frank Shostak. [http://mises.org/journals/qjae/pdf/qjae3_4_3.pdf "The Mystery of the Money Supply Definition"] (pdf), The Quarterly Journal of Austrian Economics Vol.3, No.4, Winter 2000. Referenced 2010-06-22.</ref>

==References==
{{Reflist}}

==External links==
* [[Wikipedia:Commodity|Commodity]] on Wikipedia
* [http://mises.org/daily/3018 Commodity Prices and Inflation: What's the Connection?] by Frank Shostak, July 2008
* [http://mises.org/daily/2773 The Future of the Commodity Price Boom] by Stefan Karlsson, November 2007
* [http://mises.org/etexts/menger/seven.asp The Concept of the Commodity in Its Popular and Scientific Meanings] from the Principles of Economics by [[Carl Menger]], 1871, featuring an older definition of a commodity