The Importance of Hard Money

Hard money plays a crucial role in human civilization by promoting future orientation and reducing time preference. The more challenging it is to produce money, the less its supply increases, leading to better preservation of value, which encourages saving and investment. This, in turn, allows individuals to defer immediate gratification for long-term rewards, fostering cooperation and peaceful conflict resolution. The historical evolution of money showcases how societies with harder money routinely experience greater prosperity and stability compared to those reliant on easily produced fiat currency.