Quite often people tend to forget where and why things comes from. Sometimes, knowing the past can inspire us to avoid similar pitfalls in the future or reinvent old ideas.
“Let's start with what moneyis used for. Modern economists typically define it by thethree roles it plays in an economy:
It’s a store of value, meaning that money allows you to defer consumption until a later date.
It’s aunit of account, meaning that it allows you to assign a value to different goods without having to compare them. So instead of saying that a Rolex watch is worth six cows, you can just say it (or the cows) cost $10 000.
And it’s a medium of exchange—an easy and efficient way for you and me and others to trade goods and services with one another.
All of these roles have to do with buying and selling, and that’s how the modern world thinks of money—so much so that it seems peculiar to conceive of money in any other way.”*
Going back in time…
How do we get here?
The Ascent of Money: A Financial History of the World, Niall Ferguson
British Museum exhibition
Money | The Citi Money Gallery | Room 68