[LMB] Money, on topic, take two

Pouncer pouncer at aol.com
Thu Nov 19 18:04:11 GMT 2020


Walter says:
 >In my econ classes, there was no mention of differences between
 >money and currency. Please tell us of the distinction, if any.
 >Most money or currency is electronic records nowadaze.


I sneer at college economics classes for several reasons, but if
you recall and report correctly, you had a worse than usual
instance of the experience.  Currency is the official medium of
exchange -- particularly in the exchange of one's continued
existence in exchange for paying the despot's tax-collectors.
MONEY does that and more -- stores value (imperfectly), keeps
score, sometimes has a use or value of its own (silver coins, for
instance), or just offers symbolic or  historic significance.
Southern American 19th century Confederate money or the money of
the 20th's German Weimar Republic or 21st's Iraqi Money of Saddam
Hussein is still MONEY. But the currency of each has been
replaced. The gold coins of the Cetagandan "Ninth Satrapy" are,
in canon, still money. The coins are also "specie", a type of
standardized commodity governments offer when "currency" may be
suspect. As a commodity those coins are still valuable. As
artifacts,they have value as well.  As currency -- well, y'know,
Gregor's annual "birthday presents" are tendered in "specie" of
that sort.  I suppose that the Ceta's version of such coins are
debatable.  Let's go.

Maybe we can lure Brad DeLong out for more and better details.



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