Monday, May 11, 2009

"Aristotle's Choice Of Money Revisited" by John Lee. FSO Editorial 05/01/2009

"Aristotle's Choice Of Money Revisited" by John Lee. FSO Editorial 05/01/2009: "Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main uses of money are as a medium of exchange, a unit of account, and a store of value."

he has a graphic that shows the relative merits of gold, paper money, land, a business and oil and later other things. Gold gets the nod here but then I think what about other things.

What are some valuable but overlooked items.
Water, clean potable water may not be quite as portable but is close enough. It isn't as rare as gold but definitely qualifies as having intrinsic value.

Electricity could count as well. It isn't as durable as gold but can be stored in batteries and can be converted into just anything.

Actually electricity is a lot like money it is a medium of exchange for doing work. Electricity can be converted to motion, light, heat, cold, communications, and chemical reactions like batteries and electrolysis it can even be used to enhance your own mind with computers and the Web. Amazing stuff really.

ht lewrockwell

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