23/08/18

Why Do People Assign Value To Paper Money?



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Why Do People Assign Value To Paper Money?
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Authored by Frank Shostak via The Mises Institute,

Demand for a good arises because of its perceived benefit. For instance, people demand food because of the nourishment it offers them. This is however not so, with regard to the pieces of paper we call money - why do we accept them?

Following the view of Plato and Aristotle, economists regard the acceptance of money as an ....

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