Money - Revision history

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	* {{md\|1711\|The Nature and Origin of Money\|[[Carl Menger]]\|Wednesday, January 05, 2005}}		* {{md\|1711\|The Nature and Origin of Money\|[[Carl Menger]]\|Wednesday, January 05, 2005}}
	* {{md\|5213\|What Is Money?\|[[Frédéric Bastiat]]\|Friday, May 27, 2011}}		* {{md\|5213\|What Is Money?\|[[Frédéric Bastiat]]\|Friday, May 27, 2011}}
	* Murray N. Rothbard, [~~http~~://~~mises~~.org/~~rothbard~~/~~mes.asp~~ Man, Economy and State], esp. Chapters 2 and 3		* Murray N. Rothbard, [https://freecapitalists.org/books/man-economy-and-state-with-power-and-market/ Man, Economy and State], esp. Chapters 2 and 3
	* Ludwig von Mises, [https://freecapitalists.org/books/human-action/ Human Action], esp. Chapter XVII		* Ludwig von Mises, [https://freecapitalists.org/books/human-action/ Human Action], esp. Chapter XVII
	* Frank A. Fetter, Economics In Two Volumes: [http://chestofbooks.com/finance/economics/Economics2-Modern-Economic-Problems/index.html Volume II. Modern Economic Problems]		* Frank A. Fetter, Economics In Two Volumes: [http://chestofbooks.com/finance/economics/Economics2-Modern-Economic-Problems/index.html Volume II. Modern Economic Problems]

	[[Category:Money\|*]]		[[Category:Money\|*]]

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	'''Money''' is a commonly used [[medium of exchange]].<ref name="Goods">Ludwig von Mises. [https://~~mises.~~freecapitalists.org/~~humanaction~~/~~chap17sec1.asp~~ "1. Media of Exchange and Money"], ''Chapter XVII. Indirect exchange'', [[Human Action]], online edition, referenced 2009-04-27.</ref> People wishing to achieve their ends often have to [[trade]]. They can exchange their [[good]]s ''directly'', if they have matching preferences and suitable goods, or ''indirectly'', with the help of another good, the ''medium of exchange''.		'''Money''' is a commonly used [[medium of exchange]].<ref name="Goods">Ludwig von Mises. [https://freecapitalists.org/books/human-action/read/chapter-xvii-indirect-exchange/ "1. Media of Exchange and Money"], ''Chapter XVII. Indirect exchange'', [[Human Action]], online edition, referenced 2009-04-27.</ref> People wishing to achieve their ends often have to [[trade]]. They can exchange their [[good]]s ''directly'', if they have matching preferences and suitable goods, or ''indirectly'', with the help of another good, the ''medium of exchange''.

	==Medium of exchange and money==		==Medium of exchange and money==
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	: Indirect exchange means, "''if, between the commodities and services, that are the ultimate end of exchanging, are one or several media of exchange.''"<ref name="Goods" />		: Indirect exchange means, "''if, between the commodities and services, that are the ultimate end of exchanging, are one or several media of exchange.''"<ref name="Goods" />

	Another grave problem with a world of barter is that it is impossible for any business [[firm]] to '''calculate''' how it's doing, whether it is making profits or incurring losses, beyond a very primitive estimate. Suppose that you are a business firm, and you are trying to calculate your income, and your expenses, for the previous month. And you list your income: "let's see, last month we took in 20 yards of string, 3 codfish, 4 cords of lumber, 3 bushels of wheat. . . etc.," and "we paid out: 5 empty barrels, 8 pounds of cotton, 30 bricks, 5 pounds of beef." How in the world could you figure out how well you are doing? Once a money is established in an economy, however, business calculation becomes easy: "Last month, we took in 500, and paid out 450. Net profit, 50." The development of a general medium of exchange, then, is a crucial requisite to the development of any sort of flourishing market economy.<ref name="Rothbard_money">[[Murray N. Rothbard]]. [~~http~~://~~mises~~.org/books/fed~~.pdf~~ The Case Against the Fed] (pdf), The Genesis of Money, p.12-15, referenced 2010-03-18.</ref>		Another grave problem with a world of barter is that it is impossible for any business [[firm]] to '''calculate''' how it's doing, whether it is making profits or incurring losses, beyond a very primitive estimate. Suppose that you are a business firm, and you are trying to calculate your income, and your expenses, for the previous month. And you list your income: "let's see, last month we took in 20 yards of string, 3 codfish, 4 cords of lumber, 3 bushels of wheat. . . etc.," and "we paid out: 5 empty barrels, 8 pounds of cotton, 30 bricks, 5 pounds of beef." How in the world could you figure out how well you are doing? Once a money is established in an economy, however, business calculation becomes easy: "Last month, we took in 500, and paid out 450. Net profit, 50." The development of a general medium of exchange, then, is a crucial requisite to the development of any sort of flourishing market economy.<ref name="Rothbard_money">[[Murray N. Rothbard]]. [https://freecapitalists.org/books/the-case-against-the-fed/ The Case Against the Fed] (pdf), The Genesis of Money, p.12-15, referenced 2010-03-18.</ref>

	A [[commodity]] that comes into general use as a medium of exchange is money. The concept of a "medium of exchange" is precise. But when exactly comes a medium of exchange into "common" or "general" use is not strictly definable. Whether or not is a medium money can be decided only by the judgment of the historian. Since there is a great tendency on the market for a medium of exchange to become money, it is called money for simplification.<ref name="Rothbard_medium">Murray N. Rothbard [http://mises.org/rothbard/mes/chap3a.asp#2._Emergence_of_Indirect "2. The Emergence of Indirect Exchange"] Chapter 3-The Pattern of indirect exchange, ''[[Man, Economy and State]]'', online edition, referenced 2009-05-05.</ref>		A [[commodity]] that comes into general use as a medium of exchange is money. The concept of a "medium of exchange" is precise. But when exactly comes a medium of exchange into "common" or "general" use is not strictly definable. Whether or not is a medium money can be decided only by the judgment of the historian. Since there is a great tendency on the market for a medium of exchange to become money, it is called money for simplification.<ref name="Rothbard_medium">Murray N. Rothbard [http://mises.org/rothbard/mes/chap3a.asp#2._Emergence_of_Indirect "2. The Emergence of Indirect Exchange"] Chapter 3-The Pattern of indirect exchange, ''[[Man, Economy and State]]'', online edition, referenced 2009-05-05.</ref>
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	The emergence of money happens through a gradual process, in the course of which more and more market participants, each for himself, decide to use one [[commodity]] rather than others in their indirect exchanges. Thus the historical selection of gold, silver, and copper was not made through some sort of a social contract or convention. Rather, it resulted from the spontaneous convergence of many individual choices, a convergence that was prompted through the objective physical characteristics of the precious metals. Money selected in the free market. i.e. money that comes into use by the voluntary cooperation of acting persons, is also called ''natural money''.<ref name="Hulsmann_money" />		The emergence of money happens through a gradual process, in the course of which more and more market participants, each for himself, decide to use one [[commodity]] rather than others in their indirect exchanges. Thus the historical selection of gold, silver, and copper was not made through some sort of a social contract or convention. Rather, it resulted from the spontaneous convergence of many individual choices, a convergence that was prompted through the objective physical characteristics of the precious metals. Money selected in the free market. i.e. money that comes into use by the voluntary cooperation of acting persons, is also called ''natural money''.<ref name="Hulsmann_money" />

	By adding a new component to the pre-existing (barter) demand for these goods, their marketability is still further enhanced. Based on their perception of this fact, other market participants increasingly choose the same goods for their inventory of exchange media, as it is in their own interest to select media of exchange that are already employed by others for the same purpose. Initially, a variety of goods may be in demand as common media of exchange. However, since a good is demanded as a medium of exchange to facilitate future purchases of directly serviceable goods (i.e., to help one buy more cheaply) and simultaneously widen one's market as a seller of directly useful goods and services (i.e., help one sell more dearly), the more widely a commodity is used as a medium of exchange, the better it will perform its function.<ref name="Hoppe_money">Hans-Hermann Hoppe. [~~http~~://~~mises~~.org/journals/rae/~~pdf~~/~~RAE7_2_3.pdf~~ "How is Fiat Money Possible? - or, The Devolution of Money and Credit"] (pdf), The Review of Austrian Economics Vol.7, No. 2 (1994). Referenced 2010-04-28.</ref>		By adding a new component to the pre-existing (barter) demand for these goods, their marketability is still further enhanced. Based on their perception of this fact, other market participants increasingly choose the same goods for their inventory of exchange media, as it is in their own interest to select media of exchange that are already employed by others for the same purpose. Initially, a variety of goods may be in demand as common media of exchange. However, since a good is demanded as a medium of exchange to facilitate future purchases of directly serviceable goods (i.e., to help one buy more cheaply) and simultaneously widen one's market as a seller of directly useful goods and services (i.e., help one sell more dearly), the more widely a commodity is used as a medium of exchange, the better it will perform its function.<ref name="Hoppe_money">Hans-Hermann Hoppe. [https://freecapitalists.org/journals/rae/rae7-2-3/ "How is Fiat Money Possible? - or, The Devolution of Money and Credit"] (pdf), The Review of Austrian Economics Vol.7, No. 2 (1994). Referenced 2010-04-28.</ref>

	Because each market participant naturally prefers the acquisition of a more marketable and, in the end, universally marketable medium of exchange to that of a less or non-universally marketable one, "there would be an inevitable tendency for the less marketable of the series of goods used as media of exchange to be one by one rejected until at last only a single commodity remained, which was universally employed as a medium of exchange; in a word, money."<ref name="Mises_origin">Ludwig von Mises. [~~http~~://~~mises~~.org/books/~~tmc.pdf~~ "Theory of Money and Credit"] (pdf), p.32-33, referenced 2010-04-28.</ref>		Because each market participant naturally prefers the acquisition of a more marketable and, in the end, universally marketable medium of exchange to that of a less or non-universally marketable one, "there would be an inevitable tendency for the less marketable of the series of goods used as media of exchange to be one by one rejected until at last only a single commodity remained, which was universally employed as a medium of exchange; in a word, money."<ref name="Mises_origin">Ludwig von Mises. [https://freecapitalists.org/books/the-theory-of-money-and-credit/ "Theory of Money and Credit"] (pdf), p.32-33, referenced 2010-04-28.</ref>

	===Fiat money===		===Fiat money===
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	\|pages=87-105		\|pages=87-105
	\|doi=10.1007/s12113-002-1033-4		\|doi=10.1007/s12113-002-1033-4
	\|url=~~http~~://~~mises~~.org/journals/qjae/~~pdf~~/~~qjae5_3_7.pdf~~		\|url=https://freecapitalists.org/journals/qjae/qjae5-3-7/
	}}		}}
	* {{Cite book		* {{Cite book
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	* {{md\|5213\|What Is Money?\|[[Frédéric Bastiat]]\|Friday, May 27, 2011}}		* {{md\|5213\|What Is Money?\|[[Frédéric Bastiat]]\|Friday, May 27, 2011}}
	* Murray N. Rothbard, [http://mises.org/rothbard/mes.asp Man, Economy and State], esp. Chapters 2 and 3		* Murray N. Rothbard, [http://mises.org/rothbard/mes.asp Man, Economy and State], esp. Chapters 2 and 3
	* Ludwig von Mises, [~~http~~://~~mises~~.org/~~resources~~/~~3250~~ Human Action], esp. Chapter XVII		* Ludwig von Mises, [https://freecapitalists.org/books/human-action/ Human Action], esp. Chapter XVII
	* Frank A. Fetter, Economics In Two Volumes: [http://chestofbooks.com/finance/economics/Economics2-Modern-Economic-Problems/index.html Volume II. Modern Economic Problems]		* Frank A. Fetter, Economics In Two Volumes: [http://chestofbooks.com/finance/economics/Economics2-Modern-Economic-Problems/index.html Volume II. Modern Economic Problems]

	[[Category:Money\|*]]		[[Category:Money\|*]]

ArchiveBot: Repoint 4 dead mises.org links to the archived original (automated; see Austrian Economics Wiki:Link repointing)

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Repoint 4 dead mises.org links to the archived original (automated; see Austrian Economics Wiki:Link repointing)

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	'''Money''' is a commonly used [[medium of exchange]].<ref name="Goods">Ludwig von Mises. [~~http~~://mises.org/humanaction/chap17sec1.asp "1. Media of Exchange and Money"], ''Chapter XVII. Indirect exchange'', [[Human Action]], online edition, referenced 2009-04-27.</ref> People wishing to achieve their ends often have to [[trade]]. They can exchange their [[good]]s ''directly'', if they have matching preferences and suitable goods, or ''indirectly'', with the help of another good, the ''medium of exchange''.		'''Money''' is a commonly used [[medium of exchange]].<ref name="Goods">Ludwig von Mises. [https://mises.freecapitalists.org/humanaction/chap17sec1.asp "1. Media of Exchange and Money"], ''Chapter XVII. Indirect exchange'', [[Human Action]], online edition, referenced 2009-04-27.</ref> People wishing to achieve their ends often have to [[trade]]. They can exchange their [[good]]s ''directly'', if they have matching preferences and suitable goods, or ''indirectly'', with the help of another good, the ''medium of exchange''.

	==Medium of exchange and money==		==Medium of exchange and money==
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	A [[commodity]] that comes into general use as a medium of exchange is money. The concept of a "medium of exchange" is precise. But when exactly comes a medium of exchange into "common" or "general" use is not strictly definable. Whether or not is a medium money can be decided only by the judgment of the historian. Since there is a great tendency on the market for a medium of exchange to become money, it is called money for simplification.<ref name="Rothbard_medium">Murray N. Rothbard [http://mises.org/rothbard/mes/chap3a.asp#2._Emergence_of_Indirect "2. The Emergence of Indirect Exchange"] Chapter 3-The Pattern of indirect exchange, ''[[Man, Economy and State]]'', online edition, referenced 2009-05-05.</ref>		A [[commodity]] that comes into general use as a medium of exchange is money. The concept of a "medium of exchange" is precise. But when exactly comes a medium of exchange into "common" or "general" use is not strictly definable. Whether or not is a medium money can be decided only by the judgment of the historian. Since there is a great tendency on the market for a medium of exchange to become money, it is called money for simplification.<ref name="Rothbard_medium">Murray N. Rothbard [http://mises.org/rothbard/mes/chap3a.asp#2._Emergence_of_Indirect "2. The Emergence of Indirect Exchange"] Chapter 3-The Pattern of indirect exchange, ''[[Man, Economy and State]]'', online edition, referenced 2009-05-05.</ref>

	Note that money is still a [[good]] - the most marketable good. Money is valuable to the extent that others are willing to accept it in exchange. But, money itself must first have originated as a directly serviceable good before it could become an indirectly serviceable good.<ref name="Mahoney_money">Dan Mahoney. [~~http~~://mises.org/story/672 "Austrian Business Cycle Theory: A Brief Explanation"], ''[[Mises Institute]]'', referenced 2009-06-17.</ref>		Note that money is still a [[good]] - the most marketable good. Money is valuable to the extent that others are willing to accept it in exchange. But, money itself must first have originated as a directly serviceable good before it could become an indirectly serviceable good.<ref name="Mahoney_money">Dan Mahoney. [https://mises.freecapitalists.org/story/672 "Austrian Business Cycle Theory: A Brief Explanation"], ''[[Mises Institute]]'', referenced 2009-06-17.</ref>

	==Origin and properties==		==Origin and properties==
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	For all products except money, an increase is socially beneficial, since it means that production and living standards have increased in response to consumer demand. If steel or bread or houses are more plentiful and cheaper than before, everyone‘s standard of living benefits. But an increase in the [[Money supply\|supply of money]] cannot relieve the natural scarcity of consumer or capital goods; all it does is to make the money cheaper, that is, lower its purchasing power in terms of all other goods and services. Once a good has been established as money on the market, then, it exerts its full power as a mechanism of exchange or an instrument of calculation. All that an increase in the quantity of dollars can do is to dilute the effectiveness, the purchasing-power, of each money. Hence, the great truth of monetary theory emerges: once a commodity is in sufficient supply to be adopted as a money, no further increase in the supply of money is needed. Any quantity of money in society is "optimal." Once a money is established, an increase in its supply confers no social benefit.<ref name="Rothbard_money" />		For all products except money, an increase is socially beneficial, since it means that production and living standards have increased in response to consumer demand. If steel or bread or houses are more plentiful and cheaper than before, everyone‘s standard of living benefits. But an increase in the [[Money supply\|supply of money]] cannot relieve the natural scarcity of consumer or capital goods; all it does is to make the money cheaper, that is, lower its purchasing power in terms of all other goods and services. Once a good has been established as money on the market, then, it exerts its full power as a mechanism of exchange or an instrument of calculation. All that an increase in the quantity of dollars can do is to dilute the effectiveness, the purchasing-power, of each money. Hence, the great truth of monetary theory emerges: once a commodity is in sufficient supply to be adopted as a money, no further increase in the supply of money is needed. Any quantity of money in society is "optimal." Once a money is established, an increase in its supply confers no social benefit.<ref name="Rothbard_money" />

	This is not the situation with '''commodity money'''. Money originally emerged from an ordinary commodity that people demanded because it contributed tangible benefits to their life and well being - one of them the service of a medium of exchange. Therefore, an increase of the production of commodity means more useful goods.<ref name="Shostak">Frank Shostak. [~~http~~://mises.org/daily/1596 "The Subsistence Fund"], Mises Daily, August 2004, referenced 2010-05-10.</ref>		This is not the situation with '''commodity money'''. Money originally emerged from an ordinary commodity that people demanded because it contributed tangible benefits to their life and well being - one of them the service of a medium of exchange. Therefore, an increase of the production of commodity means more useful goods.<ref name="Shostak">Frank Shostak. [https://mises.freecapitalists.org/daily/1596 "The Subsistence Fund"], Mises Daily, August 2004, referenced 2010-05-10.</ref>

	==Using money==		==Using money==
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	\|place=Auburn, Alabama		\|place=Auburn, Alabama
	\|year=2009		\|year=2009
	\|url=~~http~~://~~mises~~.org/~~document~~/~~4984/On~~-the-~~Origins~~-of-~~Money~~		\|url=https://freecapitalists.org/books/on-the-origins-of-money/
	\|isbn=978-1-933550-59-6		\|isbn=978-1-933550-59-6
	\|oclc=664877242		\|oclc=664877242

Pestergaines: /* Money substitutes */ +link

2014-01-06T23:32:16Z

Money substitutes: +link

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	===Money substitutes===		===Money substitutes===
			{{Main\|Money substitutes}}
	Or ''money certificates'', are placeholders for actual money, that is stored in a [[bank]] and can be redeemed at any time by the present owner of the note. Instead of trading e.g. silver, people would trade with notes representing the silver. Apart from paper notes, the main types of such substitutes are token coins, certificates of deposit, checking accounts, credit cards, and electronic bank accounts on the [[Internet]]. The advantage are lower transaction costs, the downside is a greater potential for abuse (and historically, this lure appeared to be irresistible).<ref name="Hulsmann_certificates">Jörg Guido Hülsmann. [[The Ethics of Money Production]], Chapter 2. Money certificates p.35-41, referenced 2009-05-10</ref>		Or ''money certificates'', are placeholders for actual money, that is stored in a [[bank]] and can be redeemed at any time by the present owner of the note. Instead of trading e.g. silver, people would trade with notes representing the silver. Apart from paper notes, the main types of such substitutes are token coins, certificates of deposit, checking accounts, credit cards, and electronic bank accounts on the [[Internet]]. The advantage are lower transaction costs, the downside is a greater potential for abuse (and historically, this lure appeared to be irresistible).<ref name="Hulsmann_certificates">Jörg Guido Hülsmann. [[The Ethics of Money Production]], Chapter 2. Money certificates p.35-41, referenced 2009-05-10</ref>

Jérôme Alexandre: /* Bibliography */ "What Is Money?" by Frédéric Bastiat

2013-07-26T17:04:50Z

Bibliography: "What Is Money?" by Frédéric Bastiat

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	\|title=What Is Money?		\|title=What Is Money?
	\|journal=[[Quarterly Journal of Austrian Economics\|The Quarterly Journal of Austrian Economics]]		\|journal=[[Quarterly Journal of Austrian Economics\|The Quarterly Journal of Austrian Economics]]
	\|volume=5\|issue=2		\|volume=5\|issue=3
	\|year=2002		\|year=2002
	\|pages=87-105		\|pages=87-105

Jérôme Alexandre: /* Bibliography */ On the Origins of Money, by Carl Menger

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Bibliography: On the Origins of Money, by Carl Menger

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 |isbn=978-1-933550-09-1
 |oclc=370739249
 }}
 * {{Cite book

Jérôme Alexandre: /* Links */ "The Nature and Origin of Money" by Carl Menger

2013-03-15T16:01:27Z

Links: "The Nature and Origin of Money" by Carl Menger

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	===Links===		===Links===
	* {{wplink}}		* {{wplink}}
			* {{md\|1711\|The Nature and Origin of Money\|[[Carl Menger]]\|Wednesday, January 05, 2005}}
	* {{md\|5213\|What Is Money?\|[[Frédéric Bastiat]]\|Friday, May 27, 2011}}		* {{md\|5213\|What Is Money?\|[[Frédéric Bastiat]]\|Friday, May 27, 2011}}
	* Murray N. Rothbard, [http://mises.org/rothbard/mes.asp Man, Economy and State], esp. Chapters 2 and 3		* Murray N. Rothbard, [http://mises.org/rothbard/mes.asp Man, Economy and State], esp. Chapters 2 and 3

Jérôme Alexandre: /* Bibliography */ The Theory of Money and Credit, by Ludwig von Mises

2013-03-15T15:52:06Z

Bibliography: The Theory of Money and Credit, by Ludwig von Mises

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	\|isbn=978-1-933550-09-1		\|isbn=978-1-933550-09-1
	\|oclc=370739249		\|oclc=370739249
			}}
			* {{Cite book
			\|last=Mises\|first=Ludwig von\|authorlink=Ludwig von Mises
			\|title=[[The Theory of Money and Credit]]
			\|publisher=[[Mises Institute\|Ludwig von Mises Institute]]
			\|place=Auburn, Alabama
			\|year=2009
			\|isbn=978-1-933550-55-8
			\|oclc=781455429
	}}		}}
	* {{Cite book		* {{Cite book

Jérôme Alexandre: /* Links */ "What Is Money?" by Frédéric Bastiat

2013-03-11T12:25:45Z

Links: "What Is Money?" by Frédéric Bastiat

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	===Links===		===Links===
	* {{wplink}}		* {{wplink}}
			* {{md\|5213\|What Is Money?\|[[Frédéric Bastiat]]\|Friday, May 27, 2011}}
	* Murray N. Rothbard, [http://mises.org/rothbard/mes.asp Man, Economy and State], esp. Chapters 2 and 3		* Murray N. Rothbard, [http://mises.org/rothbard/mes.asp Man, Economy and State], esp. Chapters 2 and 3
	* Ludwig von Mises, [http://mises.org/resources/3250 Human Action], esp. Chapter XVII		* Ludwig von Mises, [http://mises.org/resources/3250 Human Action], esp. Chapter XVII

Jérôme Alexandre: /* Bibliography */ "What Is Money?" by Frédéric Bastiat

2013-03-11T12:21:55Z

Bibliography: "What Is Money?" by Frédéric Bastiat

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	==See also==		==See also==
	===Bibliography===		===Bibliography===
			* {{Cite journal
			\|last=Bastiat\|first=Frédéric\|authorlink=Frédéric Bastiat
			\|title=What Is Money?
			\|journal=[[Quarterly Journal of Austrian Economics\|The Quarterly Journal of Austrian Economics]]
			\|volume=5\|issue=2
			\|year=2002
			\|pages=87-105
			\|doi=10.1007/s12113-002-1033-4
			\|url=http://mises.org/journals/qjae/pdf/qjae5_3_7.pdf
			}}
	* {{Cite book		* {{Cite book
	\|last=Hülsmann\|first=Jörg Guido\|authorlink=Jörg Guido Hülsmann		\|last=Hülsmann\|first=Jörg Guido\|authorlink=Jörg Guido Hülsmann
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	\|oclc=807678778		\|oclc=807678778
	}}		}}

	===Links===		===Links===
	* {{wplink}}		* {{wplink}}