SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : The Residential Real Estate Crash Index
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Elroy Jetson who wrote (28075)3/11/2005 4:35:57 PM
From: GraceZRead Replies (1) of 306849
 
The Austrians don't believe money is a store of value either:

mises.org

Menger's breakthrough insight was to realize that "[v]alue is… nothing inherent in goods, no property of them, but merely the importance that we first attribute to the satisfaction of our needs... and in consequence carry over to economic goods as the… causes of the satisfaction of our needs." (Principles of Economics)

In other words, value is the name of an attitude or disposition that a particular person adopts toward a good: he chooses to value it. Although Menger set economics on the path to a correct theory of value in 1871, ancient errors die hard. We can still find many erroneous conceptions of value in contemporary discussions of economic issues.

For example, it is quite common to refer to money (or gold, or financial assets) as a "store of value." But an attitude cannot be stored! You cannot pour some of your attitude towards goods into a bar of gold, put it in a vault, and hope it "keeps." You can, of course, store the gold bar. And you will certainly hope that when you decide to take it from the vault and sell it, that others will choose to value it as well. But only the gold was stored.



vonmises.org

Some commentators maintain that money’s main function is to fulfill the role of a means of savings. Others argue that its main role is to provide services of a unit of account and to function as a store of value. While all these roles are important they are not primary. The fundamental role, the essence of money, is that of a general medium of exchange. All other functions of money emerge because money is the general medium of exchange.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News