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Money as a medium of record and a lubricant for trade has kept its same meaning. Money as a store of absolute value has been a failure for at least 1000 years.
by projektfu 7y ago
Money as a medium of record and a lubricant for trade has kept its same meaning. Money as a store of absolute value has been a failure for at least 1000 years.
- Alkhwarizmi 7y ago“Lubricant”!? Really!? Was that the only cringy word that came to your mind to use at this instance!?
- avmich 7y ago"The three main functions of a currency are as a unit of account, a medium of exchange and a store of value." What does it mean? How does it makes sense to treat e.g. the two last properties (that money is passed between people and that money symbolizes value) separately?