Money, Markets and Econ Order

Money, Markets and Econ Order
AP Photo/Elise Amendola, File
n>Whatever its origins, money must be reckoned one of the greatest labor-saving technologies in human history. As we have seen, money eliminates the double coincidence of wants problem that exists under barter. It is no longer necessary to find someone who wants what you have, and also has what you want, when you make exchanges. If all exchanges take place using money, money itself becomes one-half of all exchanges. In practice, some transactions might continue to take place without money. But money is used in most transactions. Indeed, if money were not generally accepted, it would not be money, as money is defined as a commonly accepted medium of exchange.  Read Full Article »

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