The Inherent Pluralism of Currency’s Value

Money is a tool for measuring value. It creates an empirical framework, making it possible for individuals who have different hierarchies of values to be able to trade to their mutual benefit. Money creates a baseline which entities with different ends in mind can gauge the fairness of their transaction. For example, suppose you are hungry and go into a deli to purchase a sandwich. The owner of the store charges you $5. To him,…

View More The Inherent Pluralism of Currency’s Value

Money is not “good” or “bad”; it is what each individual makes it

A unit of currency, even those based on elements with empirical worth, has absolute value. But this value is relative, both against other systems of measurement and in context of time and shifting events. Fiat money, like the American dollar, derives its worth as a unit from government mandates and regulations, making it much more malleable than non-fiat currency, which is based in a commodity, such as gold, with intrinsic value. Yet, even the values…

View More Money is not “good” or “bad”; it is what each individual makes it
Top
All content protected by copyright. The Politics of Discretion, 2016.