Lesson1 - and sufficient condition for money The Functions...

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    Lesson 1 – The Nature,  Origins and Development of  Money as a Social Institution.  Part One In this lesson we discuss, in broadly philosophical  terms the functions and benefits of money. In the next  lesson we discuss how money came about. Suggested Reading:  There are no close reading  materials for this and the next lesson, but some of the  material in RSU chapter 2 is relevant – you should read  the whole chapter anyway to get a nice overview of  some of what is to come.
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If we consider the functions of money we are  likely to encounter a traditional list – money is A medium of exchange  (= a means of payment) A store of value A unit of account But of these three only the first is a necessary 
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Unformatted text preview: and sufficient condition for money The Functions of Money The Benefits of Money Money is a remarkable social institution that has incredible benefits . Money facilitates exchange The mere fact of allowing and enabling enhanced production opportunities creates enormous economic value. Money facilitates production Even more than the considerable benefits of enhanced exchange, the benefits of enhanced production opportunities creates economic value. This is an integral part of the continuing extension of the degree of the division of labor in modern economies. Without money modern specialized economies are inconceivable....
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This note was uploaded on 09/23/2011 for the course FIN 6320 taught by Professor Lewin during the Summer '11 term at University of Texas at Dallas, Richardson.

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Lesson1 - and sufficient condition for money The Functions...

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