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So like...em...where does MONEY come from?

Started by Josephus, April 12, 2009, 07:46:30 AM

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Admiral Yi

#30
April 12, 2009, 06:37:59 PM
Quote from: DGuller on April 12, 2009, 06:25:27 PM
The dependence on trust is, IMO, a vastly underappreciated Achilles heel of the modern economy, and not just when it comes to monetary system.  Most of the people seem to be have a rather fatalistic attitude about this, something like "Well, if the trust is lost, then the world ends, so why worry about it?"
Disagree.  Contract enforcement is a substitute for trust.

The Minsky Moment

#31
April 12, 2009, 07:51:28 PM
Baltimore.
The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.
--Joan Robinson

Phillip V

#32
April 12, 2009, 08:00:43 PM
Quote from: Josephus on April 12, 2009, 11:18:40 AM
Intersting...so if I stop believing in its value, I can make all my debts go away.  ;)
Yes, that is why if a government owes its people lots of money, the government wants high inflation.
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