The Future Of Money

money-over-ip In his fundamental book, Money and the Mechanism of Exchange, English economist William Stanley Jevons explains that currencies address a fundamental economic problem: the double coincidence of wants. The phrase describes the conundrum inherent in barter where the parties of the transaction have to agree to sell and buy each other’s goods. The obvious challenge is the improbability of the wants, needs and events that would enable such a transaction occurring at the same time and the same place. In absence of this double coincidence of wants, the parties need to settle on an acceptable substitute: the medium of exchange. The article reviews the state of money in general and the media of exchange, and its potential trajectory in particular.

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