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It's really very simple.Buyers seemed superior to sellers.The Austrians contemplated the idea that this sort of commerce was a social institution first.Money was required as a medium of exchange.Short of a collection of a bad debt,putting money in legal terms is still relatively recent.They might of heard about that just after the United States started to collect their own revenue,they decided to open a mint.They took some of that revenue and bought some gold and started making a mint.Then in 1844,Robert Peel put his name to an act that required the Bank of England back all the money with either gold or gilt.This pamphlet was written the same year Carl Menger testified to the Currency Commission of Austria-Hungary.The way he described things,some of the commissioners were self-conscience that this didn't appear that they were being honest with the people that used their money.I don't think it was a stop the presses moment either,but this was a very important issue to this very day.Social convention dictated that money was,and still is,superior to barter.What Menger,and the other Austrians,found interesting was that precious metals tended to be used as money before fiduciary media,fiat money,and uncovered bank deposits became socially acceptable.Why is Menger simple though?It's been said that his lectures were verbal and that he only referred to his notes to confirm a date in history, etc.Some might gripe that he wasn't as "humanistic" as von Mises,but one need to look at his General Theory of the Good to see how simple he found economics.Read more ›
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