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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: NOW who wrote (86940)9/27/2008 11:35:17 PM
From: pogohere  Read Replies (1) of 116555
 
So Aristotle:
"Money at root is both an idea backed by confidence and a workable and convenient medium of exchange."

"All goods must therefore be measured by some one thing . . . now this unit is in truth, demand, which holds all things together . . . but money has become by convention a sort of representative of demand; and this is why it has the name nomisma--because it exists not by nature, but by law (nomos) and it is in our power to change it and make it useless. . . . Now the same thing happens to money itself as to goods--it is not always worth the same; yet it tends to be steadier . . . money then acting as a measure makes good commensurate and equates them . . . There must then be a unit, and that fixed by agreement" (Ethics 1133).
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