Thursday, January 26, 2017

Money Wisdom #427

"Just like language, the money system of an economic community works only because the members of the community have structured their social interactions around this money system. In this sense the beggar and the billionaire equally to the money system insofar as both act as if the token circulating as money in the community is in fact money. The beggar and the billionaire may differ in the amount of money they own as individuals, but they have an equal share in money as the system which structures their economic interaction. 'Most thing in life - automobiles, mistresses, cancer,' says John Kenneth Galbraith, 'are important only to those that have them. Money in contrast is equally important to those that have it and those who don't'. The point here is that the opposite is equally true: People who have it and people who do not are equally important to money. The money of rich people has value only insofar as even poor people accept this money as money."

Ole Bjerg Making Money (2014) p. 258

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