In his 2001 book The Elusive Quest for Growth, former World Bank officer William Easterly showed readers what a billion Argetine pesos in the 1950s had shrunk to by the 1990s. What was once a fortune could be measured in pennies. From this it’s easy to conclude that long ago, and likely long before Argentine president Javier Milei was born (1970), the Argentine peso ceased existing as “money.”
Evidence supporting such a claim can be found in the truth that underlying all currency exchange is the movement of goods, services and labor. When we accept money for something like a refrigerator, a car wash, or a mow of someone’s lawn, we expect to get equal value in return.
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