Mere inflation—that is, the mere issuance of more money , with the consequence of higher wages and prices—may look like the creation of more demand. But in terms of the actual production and exchange of real things it is not.—Henry Hazlitt, Economics in One Lesson
Money is among the most important forms of technology. It solves the fundamental human problem of barter and allows us to transfer value across geography and time. By enabling efficient trade—and thereby profit and capital investment—money has been as critical to human development as fire and the wheel.
This money technology arose in the marketplace, without design by central authorities. Carl Menger explained the origin of money as the most saleable commodity. Ludwig von Mises explained its value as flowing from an earlier
2023-04-27