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The Origins of Money by Carl Menger Chapter 3 - The Problem that Led to Money
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welcome to our video series about the origins of money by Carl Manger in this video we describe chapter 3 about the problem that led to money as a medium of exchange in early trade people were slow to realize the advantages of exchanging goods in the beginning their goals were simple they mainly focused on getting what they immediately needed this meant that when they traded they were only interested in acquiring goods they could directly use if someone offered them something they didn't need or already had enough of they would simply reject it because of this the opportunities for trade were very limited think about how rare it is that two people each have something the other values less than what they would get in return and how much rarer it is that those two people would actually meet and agree to trade the situation becomes even more complicated when one person wants to trade an item that isn't easy to divide or when the trade involves multiple goods owned by different people for example suppose person A wants something from person B person B wants something from person C and person C wants something from person A under a simple barter system this type of trade would almost never happen because all three parties would have to agree at the same time these difficulties would have made trade nearly impossible especially for goods that didn't have regular demand without a solution economic activity would have remained very limited and the production of goods that weren't guaranteed to sell would have been discouraged the solution to this problem however emerged naturally from the fact that some goods are easier to sell than others this difference in how easily goods can be traded is extremely important for understanding both how money developed and how markets work in general economists have long overlooked this key point when trying to explain trade and money which has left a serious gap in the understanding of how money works a proper theory of money has to start with an understanding of why some goods are more salailable or easier to sell than others once we understand why some goods are easier to trade we can see that money's near universal salailability is just a more extreme version of a general pattern in economic life the fact that some commodities are naturally more marketable than others do you like this video please like subscribe and share and go to the next video about chapter 4 if you want to read the book get it in the description below
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