Is Bitcoin Better Than Gold? with Robert Breedlove (WiM398)
The "What is Money?" Show
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Money as a Medium of Exchange
This chapter discusses the concept of money as a medium of exchange and how it relates to human action. It explores the idea that money is a unit of account and reflects the favors rendered to the market and the consequences of human action. The second part of the discussion focuses on the economist William Jevins and his theory that money was initially used as a collectible, particularly gold, which had demand for its beauty and rarity.
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