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Money: What Is It? The More Important Question: Why Is It?

This article was originally published by Manuel Tacanho at The Mises Institute. 

Money is not the root of evil as many people mistakenly think. (i.e., fiat money and ), however, is the root of many economic, social and cultural evils.

Most people know what money is, superficially, yes. Also, most don’t quite understand the . Otherwise, as put it “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” Indeed, if money was well understood today’s 48 Comments would not exist.

Money is first, foremost, and fundamentally a . A generally accepted good (physical and now digital also) that intermediates transactions within societies and between societies. In his new book Understanding Money Mechanics, which I recommend as it provides an easy-to-digest yet comprehensive overview

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