Jinwan Kim
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HISTORY OF MONEY. What Is The Power of Money. Understanding 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. How insane is that?
Talk about holding people back and keeping the wealth themselves. The myth or misconception about the power of money is all about understanding that money is simply a tool for people to use. Power of Money? There are some people who believe money cannot buy everything. Their argument immediately fails upon closer inspection. Some would say that is an illusion of those who chase money. Some say that money leads to power, and power corrupts absolutely. Example of Power of Money! Is it alright what happened? Power of money is key. Significance of Money in modern economic life. Money occupies a central position in our modern economy. 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 has created a far reaching effect on all facets of economic activities; consumption, production, exchange and distribution, as also on public finance and economic welfare. Money and Consumption Money enables a consumer to generalize his purchasing power. Money and Production The introduction of money has made present day mass production possible. Money has made extreme division of labour possible. Money and Exchange. Money overcomes the difficulties of a barter system of exchange. Money and Distribution. Money eases the process of distribution of factors rewards like wages, interests and profits which are all measured and distributed in terms of money. Money makes the world go round and can buy happiness. Last week, I did something I have never done before. 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. The fact is they were wrong. "Human beings," she says, "are the most social animal on our planet. 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. 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? The answer is yes and no. What is the purpose of money? 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). If we get right down to it, we don't actually need money to survive. Unfortunately, the kind of changes this implies would be attacked from the get go as being "communist", "socialist" or "satanic" from every corner of the country. So, here is my advice. The importance of money? AlpheccaStarsThe "worth of money" and what makes it change would be an interesting subject to discuss.. 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. 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.
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. With barter, an individual possessing any surplus of value, such as a measure of grain or a quantity of livestock could directly exchange that for something perceived to have similar or greater value or utility, such as a clay pot or a tool. Criticisms[edit] In his book Debt: The First 5000 Years, anthropologist David Graeber argues against the suggestion that money was invented to replace barter.
Gift economy[edit] 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. Money is any object or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context.[1][2][3] The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment.[4][5] Any kind of object or verifiable record that fulfills these functions can be considered money.
The money supply of a country consists of currency (banknotes and coins) and usually includes bank money (the balance held in checking accounts and savings accounts). Etymology History Functions Types.