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Econ310_Notes20100907

Econ310_Notes20100907 - E volution of Money 004 Definitions...

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Evolution of Money (9/7/2010) Econ 310- 004 Definitions invisible hand (Smith) – self-interest drives actors to socially beneficial behavior spontaneous order (Hayek) – coordination that results from human interaction, but no conscious design degree of marketability – more highly marketable goods are easier to sell for a “good price” (best price with full information) network effect – the value of a good increases the more people use it uniform – purity can be tested at low cost (biting, sounding, or assaying) assay – chemically test the quality of metals durable – no extra carrying cost due to spoilage divisible (and fusible) – payment can be tailored to purchase size portable – high ratios of value to bulk stable value – not subject to seasonal variations coinage – the process of fashioning monetary metal into standardized marked discs seigiorage – profit that results from producing coins (difference between face value and metal value)
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