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{{image class="imgtitle" url="/images/wiki/articles/money.png"}}======Money======
=====What Is Money?=====
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{{image class="imgtitle" url="/images/wiki/articles/money.png"}}======What Is Money?======

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~- [[http://www.youtube.com/watch?v=lu_VqX6J93k The Creature From Jekyll Island - A Second Look at the Federal Reserve]], by [[http://en.wikipedia.org/wiki/G._Edward_Griffin G. Edward Griffin]]

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~- [[http://www.youtube.com/watch?v=QFbHw7VsNlI The Story of Trade and Money]], by [[http://en.wikipedia.org/wiki/Walter_Block Walter Block]]

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{{image url="/images/wiki/print.png"}} [[http://www.vforvoluntary.com/wiki/WhatIsMoney/html print]]
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{{image url="/images/wiki/print.png"}} [[http://www.vforvoluntary.com/wiki/WhyDoWeTrade/html print]]

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{{image url="/images/wiki/print.png"}} [[http://www.vforvoluntary.com/wiki/WhyDoWeTrade/html print]]

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==Based on the works of [[http://en.wikipedia.org/wiki/Hans_hoppe Hans-Hermann Hoppe]] and [[http://en.wikipedia.org/wiki/Ludwig_von_Mises Ludwig von Mises]]==
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==Based on the works of Hans-Hermann Hoppe and Ludwig von Mises==

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{{image class="imgtitle" url="/images/wiki/articles/money.png"}}======What Is Money?======
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{{image class="imgtitle" url="/images/wiki/articles/moneyt.png"}}======What Is Money?======

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{{image class="imgtitle" url="/images/wiki/articles/moneyt.png"}}======What Is Money?======
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{{image class="imgtitle" url="http://img27.imageshack.us/img27/4724/moneyt.png"}}======What Is Money?======

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{{image class="imgtitle" url="http://img27.imageshack.us/img27/4724/moneyt.png"}}======What Is Money?======
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======What Is Money?======

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----
{{anchor name="External links" h3="External links"}}
===Video===
~- [[http://www.youtube.com/watch?v=ToEgZnMUuno The Gold Standard in Theory and Myth]], by [[http://en.wikipedia.org/wiki/Joseph_Salerno Joseph Salerno]]
~- [[http://www.youtube.com/watch?v=NOdmabRCqKY Can The Monetary System Regulate Itself?]], by [[http://en.wikipedia.org/wiki/Lawrence_H._White Lawrence H. White]]
~- [[http://www.youtube.com/watch?v=R-j0saa8I7A The Yield from Money Held]], by [[http://en.wikipedia.org/wiki/Hans_hoppe Hans-Hermann Hoppe]]
~- [[http://www.youtube.com/watch?v=-gn55fTRXZw The Private Supply of Money]], by [[http://en.wikipedia.org/wiki/George_Selgin George A. Selgin]]

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||{padding:5px}//See also [[WhyDoWeTrade Why Do We Trade?]] for a full explanation.//||

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Historically speaking, we can say that at the moment when the entire world was integrated to a large degree in one giant exchange market, and the division of labor expanded and extended, also came into existence an international commodity money, namely, the [[http://en.wikipedia.org/wiki/Gold gold]] standard.
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Historically speaking, we can say that at the moment when the entire world was integrated to a large degree in one giant exchange market, and the division of labor expanded and extended, also came into existence an international commodity money, namely, the gold standard.

Revision [122]

Edited on 2009-11-15 22:12:31 by WikiNielsio
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{{anchor name="Cost accounting" h3="Cost accounting"}} With a common medium of exchange the problem of double coincidences disappears, because everybody is now willing to sell almost everything against this money. But we can now also engage in [[http://en.wikipedia.org/wiki/Cost_accounting cost accounting]]. Cost accounting is the practice that every businessman engages in, day in and day out, to compare the input prices (what you have to offer people for it on the market) with the output prices (what you can sell it for on the market) in order to determine whether he produced efficiently or whether he wasted scarce resources in the production of goods that are less valuable than those things that went in to the production of the good. In barter we have no common denominator for the various goods that we output. Only if we do have a common denominator are we able to make this kind of comparison and the decision to continue or discontinue what we do.
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{{anchor name="Cost accounting" h3="Cost accounting"}} With a common medium of exchange the problem of double coincidences disappears, because everybody is now willing to sell almost everything against this money. But we can now also engage in cost accounting. Cost accounting is the practice that every businessman engages in, day in and day out, to compare the input prices (what you have to offer people for it on the market) with the output prices (what you can sell it for on the market) in order to determine whether he produced efficiently or whether he wasted scarce resources in the production of goods that are less valuable than those things that went in to the production of the good. In barter we have no common denominator for the various goods that we output. Only if we do have a common denominator are we able to make this kind of comparison and the decision to continue or discontinue what we do.

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Edited on 2009-11-15 17:38:23 by WikiNielsio
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==Based on the works of Hans-Hermann Hoppe and Ludwig von Mises==
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===Based on the works of Hans-Hermann Hoppe and Ludwig von Mises===

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===Based on the works of Hans-Hermann Hoppe and Ludwig von Mises===
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//Based on the works of Hans-Hermann Hoppe and Ludwig von Mises//

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Edited on 2009-11-15 17:36:24 by WikiNielsio
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{{anchor name="Money" h3="Money"}} So now we are in a barter economy, in which people produce partly for themselves and partly they produce for the purpose of trading their goods for the goods produced by others. And we discover that there exists a problem in a barter economy. Because in order to trade it must be the case that I have what you want and you have what I want. A 'double coincidence of wants' must exist. If only one of those exists, I have what you want but you don't have what I want, then a trade can't occur. In a world that is characterized by uncertainty it can happen that double coincidences are absent and we are stuck in our attempt to acquire other goods for the goods that we have produced solely for the purpose of exchanging them for something else. What do people do when they are stuck and cannot immediately, directly acquire what they want? This is the beginning of the explanation of the emergence of money.
{{anchor name="The emergence of money" h3="The emergence of money"}} This explanation has initially been given by [[http://en.wikipedia.org/wiki/Carl_Menger Carl Menger]] and was then refined by [[http://en.wikipedia.org/wiki/Ludwig_Von_Mises Ludwig von Mises]]. Initially there is one bright person in society who makes the observation that in the barter economy not all goods that are traded are equally marketable. Some goods are more easily traded on the market than other goods. So he has to find someone who is willing to buy what he has to sell (for direct consumption or production) and has a good to offer that has a higher degree of marketability than his own goods. The advantage of acquiring more marketable over less marketable goods is that they are more easily resalable for those things that are really wanted. Now as soon as a single person has demanded a good for this purpose rather than to be used for direct consumption or production, the degree of marketability of it increases further, above and beyond the degree that existed before because there are still all the people who demand it for consumption and production, plus there is now also one person who demands it for it's high degree of marketability. Now imagine other people being stuck in the same situation. The next bright guy encountering the same difficulty. It becomes in every step easier to recognize what the solution to the problem is. Just acquire something that is more marketable than whatever you have to sell, and the chance that he picks the same type of goods also increases step by step. And so there develops a convergence towards one particular good being selected as a common medium of exchange. And so more or less everybody in society uses the same good for this purpose to facilitate the reselling and attaining those things that he really wants, and this is the definition of a money. Money is defined as a common medium of exchange.
{{anchor name="Cost accounting" h3="Cost accounting"}} With a common medium of exchange the problem of double coincidences disappears, because everybody is now willing to sell almost everything against this money. But we can now also engage in cost accounting. Cost accounting is the practice that every businessman engages in, day in and day out, to compare the input prices (what you have to offer people for it on the market) with the output prices (what you can sell it for on the market) in order to determine whether he produced efficiently or whether he wasted scarce resources in the production of goods that are less valuable than those things that went in to the production of the good. In barter we have no common denominator for the various goods that we output. Only if we do have a common denominator are we able to make this kind of comparison and the decision to continue or discontinue what we do.
{{anchor name="Money characteristics" h3="Money characteristics"}} Economic theory does not predict what commodity will be selected as a common medium of exchange. But we can predict that there are certain characteristics that a good can have that either increase or decrease the likelihood that it will be chosen:
{{anchor name="Can unbacked paper money come about based on market forces?" h3="Can unbacked paper money come about based on market forces?"}} So even though we cannot say exactly which good will become the money, we can see that it must be something that it was initially a valuable consumer or producer good, traded in barter. This good has a high degree of marketability. And in reverse we can say that it is not possible that something that is not a valuable commodity traded in barter can be chosen as money. This raises the question: can fiat money, unbacked pieces of paper, function as money from the beginning. The answer is no, it cannot. We may see how fiat money can come into existence but not at the beginning. Imagine you have a valuable good. Someone would like to have it but doesn't have anything that you would like in return. Then he comes up with the glorious idea to tear off a piece of paper, writes '10 dollars' on it, and then offers it to you and says: "Here 10 dollars, how about it?". Naturally, you would laugh him off. But then he increases his offer by adding two zeros to it and raising the question again. And now you may think he is ready for the madhouse.
{{anchor name="The spreading of a commodity money standard" h3="The spreading of a commodity money standard"}} Initially at the development of money there existed various local moneys. The reason was because for each different trading areas, people trade their goods for more marketable goods and finally one good outcompetes all other goods in the function of being a medium of exchange. Now when different regions start trading with each other, they are still in a system of partial barter in regards to each other. So those people who don't share a common medium of exchange have to rely on a double coincidence of wants. Instead, they trade for more marketable goods and the same thing happens that happened in the smaller region, namely that one good outcompetes all other goods in it's marketability and thus as a facilitator of exchange.
{{anchor name="The supply of money" h3="The supply of money"}} What is the optimal supply of consumer goods? The answer is generally: more is better than less. For producer goods, the answer is the same, as more producer goods give rise to more consumer goods. If we look at money however, we come to a different conclusion. Why isn't more money better than less money? Suppose the amount of money each individual has doubles overnight. Would society be better off because of this? What will happen is that the prices of consumer goods and producer goods expressed in the money will double. But our standard of living depends on the consumer goods and producer goods in existence. We don't consume money, we don't produce anything out of money. Money is just a facilitator of exchange. What may happen in the case of an increase of that good is that a different commodity will now outcompete the previous commodity as money. In reverse, if the money supply falls in half, are we worse off? What will happen then is that the prices of goods will fall in half. What we conclude from this is that any quantity of money is equally as good as any other quantity. Only to the extent that the money commodity is used in a non-monetary way (for example, how gold is used for filling teeth and making high tech equipment), does an increase make us wealthier.
{{anchor name="Purchasing power" h3="Purchasing power"}} Some economists believe that the purchasing power of money should remain the same over time. Money that has a purchasing power that allows us to buy the same quantities of goods with the same amount of money over the course of time. Money is used to purchase goods in the economy. So prices are the amount of money in relation to the amount of goods. In growing economies there is an increase in the quality and quantity of goods, because of savings and investments, technological discoveries, cost-cutting optimizations, and so on. So if such an economy was under a free market gold standard and there were only tiny additions in the amount of gold from year to year, then prices would continue to drop. This is a sign of a healthy economy. If we look at computers or telecommunication, we notice that we can buy better products over the course of time for the same amount of money. That is how we measure progress. If despite advances in production and cost-cutting, the prices of goods don't drop, then that means that all advances that have been made are at the same time being inflated away through an increase in the supply of money. Remember that an increase in the money supply, if it is distributed evenly, has no effect on our wealth. But when one group claims for itself the power to print money, in the name of price stability, they are just taking away our would-be increase in standard of living, for their personal gain. Under a paper-money standard, you can increase the amount of money at will. Hereby it is easy to explain why prices expressed in terms of paper money increase all the time instead of fall.
{{anchor name="Do we see around us what we would expect?" h3="Do we see around us what we would expect?"}} So now when we look at the real world, do we find what we would expect from theoretical insights? No, the reality is very different. There is no commodity money in existence. Not a single currency nowadays is a commodity money. Secondly, there is no market-wide global money in existence; we have various competing national currencies. Thirdly, the tendency is not for money to increase in purchasing power but to decrease; in some countries more, in others less.
{{anchor name="Government monopoly" h3="Government monopoly"}} In the free market there exist different minters of gold, who offer their coins and compete for clients. It is precisely the possibility of competition that gets an industry to tailor to the needs of customers. If one producer sells coins that are not the precise weight he promises, competitors are eager to point this out and take all his customers away. The first step government undertakes is to monopolize the minting of gold. In the name of quality protection, it gives itself the sole right to produce it. But by being the only legal producer, it is now far easier to do precisely what it blamed its former competitors to do, namely to reduce the gold content. They recall the gold coins, they melt them down, remint them, give people back the same quantity of coins but they subtract ten percent of each coin which they keep for themselves. This amounts to a ten percent increase in taxes, but it is less easily discoverable what is going on. However, this form of taxation cannot be repeated over and over again because people will catch on to the fraud and will rebel.
{{anchor name="The end of the line?" h3="The end of the line?"}} At this point one organization has taken complete control of the creation and circulation of money. In every step they caused the problem in the first place, and then took more power during the crisis when people were unaware of what was really going on. Now, when you are the only one who can print up paper tickets, you will print them. It costs almost nothing to print it, you can invent all new ways to spend the money on and you will also find out that you have more friends than you ever thought you had who all come running to you to benefit from this magical source of wealth.
{{anchor name="Banking" h3="Banking"}} Full reserve deposit banking works as follows. People put their money in a bank, pay a fee for it, do not give up ownership in the money, and can come any time they want to redeem their money for the ticket. They can also exchange titles to the money with other people, who then become the owner of the physical money in the bank. This type of banking is non inflationary. The amount of money certificates increases or decreases by the same amount of genuine money deposits that have been made. As soon as withdrawals from the bank occur, gold enters the circulation and the tickets are drawn up. The total quantity of money is not affected by it nor does it cause other people's money to lose or gain value.
{{anchor name="Business cycles" h3="Business cycles"}} If you create additional pieces of paper money uncovered by gold or real deposits, this will lower the interest rate below what it otherwise would have been. Businessmen will begin a larger amount of investment projects than otherwise, but no additional savings has actually taken place. So we then have a volume of investment going on that in the long run is unsustainable.
Deletions:
{{anchor name="Money" h3="Money"}}
So now we are in a barter economy, in which people produce partly for themselves and partly they produce for the purpose of trading their goods for the goods produced by others. And we discover that there exists a problem in a barter economy. Because in order to trade it must be the case that I have what you want and you have what I want. A 'double coincidence of wants' must exist. If only one of those exists, I have what you want but you don't have what I want, then a trade can't occur. In a world that is characterized by uncertainty it can happen that double coincidences are absent and we are stuck in our attempt to acquire other goods for the goods that we have produced solely for the purpose of exchanging them for something else. What do people do when they are stuck and cannot immediately, directly acquire what they want? This is the beginning of the explanation of the emergence of money.
{{anchor name="The emergence of money" h3="The emergence of money"}}
This explanation has initially been given by [[http://en.wikipedia.org/wiki/Carl_Menger Carl Menger]] and was then refined by [[http://en.wikipedia.org/wiki/Ludwig_Von_Mises Ludwig von Mises]]. Initially there is one bright person in society who makes the observation that in the barter economy not all goods that are traded are equally marketable. Some goods are more easily traded on the market than other goods. So he has to find someone who is willing to buy what he has to sell (for direct consumption or production) and has a good to offer that has a higher degree of marketability than his own goods. The advantage of acquiring more marketable over less marketable goods is that they are more easily resalable for those things that are really wanted. Now as soon as a single person has demanded a good for this purpose rather than to be used for direct consumption or production, the degree of marketability of it increases further, above and beyond the degree that existed before because there are still all the people who demand it for consumption and production, plus there is now also one person who demands it for it's high degree of marketability. Now imagine other people being stuck in the same situation. The next bright guy encountering the same difficulty. It becomes in every step easier to recognize what the solution to the problem is. Just acquire something that is more marketable than whatever you have to sell, and the chance that he picks the same type of goods also increases step by step. And so there develops a convergence towards one particular good being selected as a common medium of exchange. And so more or less everybody in society uses the same good for this purpose to facilitate the reselling and attaining those things that he really wants, and this is the definition of a money. Money is defined as a common medium of exchange.
{{anchor name="Cost accounting" h3="Cost accounting"}}
With a common medium of exchange the problem of double coincidences disappears, because everybody is now willing to sell almost everything against this money. But we can now also engage in cost accounting. Cost accounting is the practice that every businessman engages in, day in and day out, to compare the input prices (what you have to offer people for it on the market) with the output prices (what you can sell it for on the market) in order to determine whether he produced efficiently or whether he wasted scarce resources in the production of goods that are less valuable than those things that went in to the production of the good. In barter we have no common denominator for the various goods that we output. Only if we do have a common denominator are we able to make this kind of comparison and the decision to continue or discontinue what we do.
{{anchor name="Money characteristics" h3="Money characteristics"}}
Economic theory does not predict what commodity will be selected as a common medium of exchange. But we can predict that there are certain characteristics that a good can have that either increase or decrease the likelihood that it will be chosen:
{{anchor name="Can unbacked paper money come about based on market forces?" h3="Can unbacked paper money come about based on market forces?"}}
So even though we cannot say exactly which good will become the money, we can see that it must be something that it was initially a valuable consumer or producer good, traded in barter. This good has a high degree of marketability. And in reverse we can say that it is not possible that something that is not a valuable commodity traded in barter can be chosen as money. This raises the question: can fiat money, unbacked pieces of paper, function as money from the beginning. The answer is no, it cannot. We may see how fiat money can come into existence but not at the beginning. Imagine you have a valuable good. Someone would like to have it but doesn't have anything that you would like in return. Then he comes up with the glorious idea to tear off a piece of paper, writes '10 dollars' on it, and then offers it to you and says: "Here 10 dollars, how about it?". Naturally, you would laugh him off. But then he increases his offer by adding two zeros to it and raising the question again. And now you may think he is ready for the madhouse.
{{anchor name="The spreading of a commodity money standard" h3="The spreading of a commodity money standard"}}
Initially at the development of money there existed various local moneys. The reason was because for each different trading areas, people trade their goods for more marketable goods and finally one good outcompetes all other goods in the function of being a medium of exchange. Now when different regions start trading with each other, they are still in a system of partial barter in regards to each other. So those people who don't share a common medium of exchange have to rely on a double coincidence of wants. Instead, they trade for more marketable goods and the same thing happens that happened in the smaller region, namely that one good outcompetes all other goods in it's marketability and thus as a facilitator of exchange.
{{anchor name="The supply of money" h3="The supply of money"}}
What is the optimal supply of consumer goods? The answer is generally: more is better than less. For producer goods, the answer is the same, as more producer goods give rise to more consumer goods. If we look at money however, we come to a different conclusion. Why isn't more money better than less money? Suppose the amount of money each individual has doubles overnight. Would society be better off because of this? What will happen is that the prices of consumer goods and producer goods expressed in the money will double. But our standard of living depends on the consumer goods and producer goods in existence. We don't consume money, we don't produce anything out of money. Money is just a facilitator of exchange. What may happen in the case of an increase of that good is that a different commodity will now outcompete the previous commodity as money. In reverse, if the money supply falls in half, are we worse off? What will happen then is that the prices of goods will fall in half. What we conclude from this is that any quantity of money is equally as good as any other quantity. Only to the extent that the money commodity is used in a non-monetary way (for example, how gold is used for filling teeth and making high tech equipment), does an increase make us wealthier.
{{anchor name="Purchasing power" h3="Purchasing power"}}
Some economists believe that the purchasing power of money should remain the same over time. Money that has a purchasing power that allows us to buy the same quantities of goods with the same amount of money over the course of time. Money is used to purchase goods in the economy. So prices are the amount of money in relation to the amount of goods. In growing economies there is an increase in the quality and quantity of goods, because of savings and investments, technological discoveries, cost-cutting optimizations, and so on. So if such an economy was under a free market gold standard and there were only tiny additions in the amount of gold from year to year, then prices would continue to drop. This is a sign of a healthy economy. If we look at computers or telecommunication, we notice that we can buy better products over the course of time for the same amount of money. That is how we measure progress. If despite advances in production and cost-cutting, the prices of goods don't drop, then that means that all advances that have been made are at the same time being inflated away through an increase in the supply of money. Remember that an increase in the money supply, if it is distributed evenly, has no effect on our wealth. But when one group claims for itself the power to print money, in the name of price stability, they are just taking away our would-be increase in standard of living, for their personal gain. Under a paper-money standard, you can increase the amount of money at will. Hereby it is easy to explain why prices expressed in terms of paper money increase all the time instead of fall.
{{anchor name="Do we see around us what we would expect?" h3="Do we see around us what we would expect?"}}
So now when we look at the real world, do we find what we would expect from theoretical insights? No, the reality is very different. There is no commodity money in existence. Not a single currency nowadays is a commodity money. Secondly, there is no market-wide global money in existence; we have various competing national currencies. Thirdly, the tendency is not for money to increase in purchasing power but to decrease; in some countries more, in others less.
{{anchor name="Government monopoly" h3="Government monopoly"}}
In the free market there exist different minters of gold, who offer their coins and compete for clients. It is precisely the possibility of competition that gets an industry to tailor to the needs of customers. If one producer sells coins that are not the precise weight he promises, competitors are eager to point this out and take all his customers away. The first step government undertakes is to monopolize the minting of gold. In the name of quality protection, it gives itself the sole right to produce it. But by being the only legal producer, it is now far easier to do precisely what it blamed its former competitors to do, namely to reduce the gold content. They recall the gold coins, they melt them down, remint them, give people back the same quantity of coins but they subtract ten percent of each coin which they keep for themselves. This amounts to a ten percent increase in taxes, but it is less easily discoverable what is going on. However, this form of taxation cannot be repeated over and over again because people will catch on to the fraud and will rebel.
{{anchor name="The end of the line?" h3="The end of the line?"}}
At this point one organization has taken complete control of the creation and circulation of money. In every step they caused the problem in the first place, and then took more power during the crisis when people were unaware of what was really going on. Now, when you are the only one who can print up paper tickets, you will print them. It costs almost nothing to print it, you can invent all new ways to spend the money on and you will also find out that you have more friends than you ever thought you had who all come running to you to benefit from this magical source of wealth.
{{anchor name="Banking" h3="Banking"}}
Full reserve deposit banking works as follows. People put their money in a bank, pay a fee for it, do not give up ownership in the money, and can come any time they want to redeem their money for the ticket. They can also exchange titles to the money with other people, who then become the owner of the physical money in the bank. This type of banking is non inflationary. The amount of money certificates increases or decreases by the same amount of genuine money deposits that have been made. As soon as withdrawals from the bank occur, gold enters the circulation and the tickets are drawn up. The total quantity of money is not affected by it nor does it cause other people's money to lose or gain value.
{{anchor name="Business cycles" h3="Business cycles"}}
If you create additional pieces of paper money uncovered by gold or real deposits, this will lower the interest rate below what it otherwise would have been. Businessmen will begin a larger amount of investment projects than otherwise, but no additional savings has actually taken place. So we then have a volume of investment going on that in the long run is unsustainable.

Revision [74]

Edited on 2009-11-15 17:25:15 by WikiNielsio
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{{anchor name="The emergence of money" h3="The emergence of money"}}
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===={{anchor name="The emergence of money" title="The emergence of money"}}The Emergence of money====

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Edited on 2009-11-15 17:24:40 by WikiNielsio
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===={{anchor name="The emergence of money" title="The emergence of money"}}The Emergence of money====
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{{anchor name="The emergence of money" h3="The emergence of money"}}
{{anchor name="The emergence of money" title="The emergence of money"}}The Emergence of money

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Edited on 2009-11-15 17:24:20 by WikiNielsio
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{{anchor name="The emergence of money" title="The emergence of money"}}The Emergence of money
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{{anchor name="The emergence of money" title="The emergence of money"}}

Revision [71]

The oldest known version of this page was created on 2009-11-15 17:23:59 by WikiNielsio
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