Tag: fiat-money

2 pages tagged fiat-money.

Pages

Chapter 9: Barter and the Development of Money — Economics 101

Why barter doesn’t scale, what jobs money actually does, and how currency evolved from commodity to representative paper to inconvertible fiat — with the gold standard as the pivotal compromise in the middle.
Chapter 10: Inconvertible Fiat Explored — Economics 101

Modern money is backed by nothing but faith — that’s a feature, not a bug. How inconvertible fiat lets the money supply grow with the economy, why inflation is the price of that flexibility, and what the Fed’s M1 and M2 measures actually track.