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6min chapter
WiM026 - Money Hierarchies with Nik Bhatia
The "What is Money?" Show
Coinage and the Hierarchy of Money
Gold coins were the basis for a layerd money system, because they were easily assayed. The hierarchy of money comes into existence once there are layers of trust being introduced. Once you standardize a monetary unit, it's much easier to spend as to your oits,. Transaction costs collapse. O velocity of money increases. Wealth and innovation come right behind it.
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