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Jinwan Kim

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HISTORY OF MONEY. What Is The Power of Money. Understanding Money.....?

What Is The Power of Money

It's Just a Tool! Since you are reading and the fact that my writing is only available online, speaks volumes. It means that you can afford to be online, unlike many millions who are not online. The statistics I reference are about the "World's" community of global wealth. Yes, believe it or not, it might be a handful, but consider this - Population Worldwide is 6.6 Billion and 20% control 95% of the total of all wealth. Significance of Money in modern economic life.

Money occupies a central position in our modern economy.

Significance of Money in modern economic life

Money is everywhere and for everything in the modern economic life. Money has become the religion of the day in the ordinary business of life. Every branch of economic activity in a money economy is basically different from what it would have been in a barter economy. Money makes the world go round and can buy happiness. Last week, I did something I have never done before.

Money makes the world go round and can buy happiness

I took out my credit card bill and categorised my payments into two columns: experiences and objects. Going to a restaurant was an experience; buying a Zara dress was an object. The reason for this curious exercise was a research paper, recently published in the Journal of Consumer Psychology with a provocative title "If money doesn't make you happy, you probably aren't spending it right". Written by Elizabeth Dunn of the University of British Columbia, Daniel Gilbert of Harvard University and Timothy Wilson of the University of Virginia, the paper offers eight principles on how to spend money so that it improves, or as the authors prefer to call it, "buys" happiness.

Choosing to spend money on experiences rather than things was the first suggestion. Our grandparents always told us that money cannot buy happiness, at least mine did. Ms Dunn's paper has the advantage of brevity and its eight principles make eminent sense. Does money make the world go round? or does it make the world and humanity heartless. Well, you are asking a question that has baffled and plagued human societies for thousands of years.

Does money make the world go round? or does it make the world and humanity heartless

The fact of the matter is we are caught in a system that is going to be crashing down around us because of the issue of money. What is money? Is it the paper dollars in your wallet? Is it the electronic balances in your bank? Is it gold, real estate, oil, food, jewels, or art? When the US was formed, the idea that "all men were created equal" started to take hold, albeit over many decades. Currently in the United States, 3 million people (less than 1% of the population) control 29% of the country's total wealth (last estimate: $14,000,000,000,000). The importance of money? AlpheccaStarsThe "worth of money" and what makes it change would be an interesting subject to discuss..

The importance of money?

What do you mean now? Do you mean the change of the worth (like 1 euro last year - 1.20 now) or do you mean the same that I meant above? I meant inflation and deflation.For example, after World War I, less than 100 years ago, there was a huge inflation in Germany. A loaf of bread cost 22 cents in 1918. In 1922, a loaf of bread cost Three marks, 50 cents. This is not unique. The second complication is exchange rates - how much each currency will trade for another.

If a German family had converted all their money to British pounds or American dollars in 1918, they would not have lost all of their savings. So what is the real "worth" of money? In the US, in 1949, gasoline cost 27 cents a gallon. But your essay seems to be about what you can do with the money that you have.

The same is true for a government. History of money. Many things have been used as medium of exchange in markets including, for example, livestock and sacks of cereal grain (from which the Shekel is derived) – things directly useful in themselves, but also sometimes merely attractive items such as cowry shells or beads were exchanged for more useful commodities.

History of money

Precious metals, from which early coins were made, fall into this second category. Numismatics is the study of money. Non-monetary exchange[edit] Barter[edit] In Politics Book 1:9[1] (c.350 B.C.) the Greek philosopher Aristotle contemplated on the nature of money. Money. A sample picture of a fictional ATM card.


The largest part of the world's money exists only as accounting numbers which are transferred between financial computers. Various plastic cards and other devices give individual consumers the power to electronically transfer such money to and from their bank accounts, without the use of currency.