The Most Important Question in the World Today | Episode 3 | (WiM327)
The "What is Money?" Show
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The Marketability of Money
Austrian Economics defines money as a universal medium of exchange. Money is just going to be the good in any trading economy that has the highest proportion of marketability relative to utility, he says. So today, that would be gold. Gold has utility. It's used in electronics and dental dentistry and whatnot. But it's largely used as a store value across time,. That's what it's been used for for 5,000 years. And so if we say gold has a $10 trillion market cap, maybe $2 trillion of that is its utility value., or it's actually demand for use in computers and dentistry; and an 8 trillion ofthat is demand for its use
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