Reducing to the basics what is already very basic, my employers pay me to write, to edit, to aggregate the work of other writers, and to raise funds. In truth, money is a method that enables the trading of actual wealth.
It is a concept that facilitates the exchange of goods, all the while serving as a measuring rod that enables economic actors to place value on investments. To still others, the central bank that oversees money’s issuance should ignore its value, instead seeking to manage the cost of accessing it.Įach philosophy misses the point. To others, money only works if philosopher kings from the Commanding Heights are allowed to attempt to control its quantity.
#Trap money crack money driver
To some, the creation of money itself is a driver of economic growth, by putting paper in people’s pockets. The debate about monetary policy has taken an improper turn in recent decades, prompted by a very unfortunate misunderstanding about what money is. “The sole use of money is to circulate consumable goods” – Adam Smith, The Wealth of Nations He sends us the following letter, which we are pleased to publish in response to our December, 2011 issue. Wainwright Economics and Toreador Research & Trading. John Tamny is the editor of Forbes Opinions and, a Senior Development Associate for the Cato Institute, and a senior economic advisor to both H.C.
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