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by littlestymaar
1704 days ago
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> Most economists would probably relate a stylized “history of money” something like
the following: As specialization caused problems in coordinating trade, societies naturally
settled upon certain commodities, usually metals, as media of exchange. The Transition From Barter to Fiat Money, Saint Louis Fed WORKING PAPER SERIES, 1994: https://files.stlouisfed.org/files/htdocs/wp/1994/94-004.pdf This idea is widely accepted to be wrong today, but as you can see it wasn't the case not so long ago. |
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