Elfonomics - with Elf Lyons and Dr Gerard Lyons What is money?
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Feb 7, 2025 Wondering what money actually is? Dive into a humorous take on its evolution, from bartering to cryptocurrencies. Discover how a cashless future is becoming the norm and what that means for our lives. The hosts share quirky anecdotes about personal money experiences, highlighting the chaos of forgotten coins at airport security. With predictions on cash usage dwindling, they tackle the implications of digital payments and debate the essence of currency in today's society. Get ready for laughs and insights!
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Childhood Money Joy
- Elf Lyons shares a childhood story about receiving pennies for reading pages and feeling like a millionaire when holding a £5 note.
- She bought back her old Barbies using that money, illustrating the joy and tangible value of cash in childhood.
Key Properties of Money
- Money must be portable, recognizable, acceptable, stable, and divisible to function effectively as a medium of exchange.
- These properties explain why cows or magic beans cannot serve as practical money today.
Money as Store of Value
- Money functions as a store of value, and its stability is crucial to economic confidence.
- Hyperinflation destroys this confidence and harms entire economies, as in Germany in 1923.