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Pastimes : Austrian Economics, a lens on everyday reality
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To: Don Lloyd who wrote (137)9/30/2002 5:57:02 PM
From: Wildstar  Read Replies (1) of 445
 
Don,

Which utility a specific quantity of gold or silver serves depends on theintent of the holder. When the goldsmith holds gold, or the silversmith holds silver, the entire quantities of the two metals serve as production
goods.

I not sure I agree with this. When the goldsmiths holds gold or the silversmith holds silver, the quantites of the metals server either as production goods or as a store of future purchasing power.

Both gold and silver have potential utility as both production goods and also as what Rothbard calls 'quasi-money' and Mises calls a 'secondary medium of exchange.'

I was originally going to add to my answer that there has been an increase in the money supply. Is this a valid statement?
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