Monday, May 21, 2012

About Money

Just came across this awesome comment from William Gouge in his 1833 book, A Short History of Paper Money and Banking in the United States (p.135):
[M]oney is the tool of all trades, and, is as such, one of the most useful of productive instruments, and one of the most valuable labor saving devices
What an insightful way to explain money.  Can you imagine Mankiw or Krugman explaining in their texts money this way?

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