Error of conventional economics in understanding money; The spare boy or the government command? | A Misconception of Money Can Lead to Inflation In an article titled "Conventional Economics: Money as a Medium of Exchange, Unit of Account, and Store of Value" on the Mises Foundation website, Joshua Mauerter wrote: Before a commodity can be considered "money," that commodity must first act as a medium of exchange and attain that role through a market process of production, mental evaluation, and exchange. This necessarily also provides the basis for money to be a meaningful unit of account and a "store of value". Due to its function as a medium of exchange, money provides facilities in the economy that were impossible or impractical before. However, Mises argues that money is purely a medium of exchange although the concepts of medium of exchange and store of value may overlap in practice over time, they are not simultaneous in a hierarchy of causality. The role of the medium of exchange has priority in terms of logic and causality. Details of the report. Yes, Instagram.

Error of conventional economics in understanding money; The spare boy or the government command? | A Misconception of Money Can Lead to Inflation In an article titled "Conventional Economics: Money as a Medium of Exchange, Unit of Account, and Store of Value" on the Mises Foundation website, Joshua Mauerter wrote: Before a commodity can be considered "money," that commodity must first act as a medium of exchange and attain that role through a market process of production, mental evaluation, and exchange. This necessarily also provides the basis for money to be a meaningful unit of account and a "store of value". Due to its function as a medium of exchange, money provides facilities in the economy that were impossible or impractical before. However, Mises argues that money is purely a medium of exchange although the concepts of medium of exchange and store of value may overlap in practice over time, they are not simultaneous in a hierarchy of causality. The role of the medium of exchange has priority in terms of logic and causality. Details of the report. Yes, Instagram.