Money as medium of exchange

One of the roles of money is to be a medium of exchange. This is usually explained in contrast to the barter system. Bartering is to exchange one type of good for another without the use of money. The problem usually pointed out is that a unit of one good is not equivalent to another unit of good. Clearly, trading a cow for a dog is not the same thing. And you may not want ten dogs for the one cow. Continue reading “Money as medium of exchange”


We are such masters at deception and self-delusion.

Until now there wasn’t a word for this trick – shrinkflation – of making things smaller while selling it to you at the same price as before. We knew about it as manufacturers (they all do it). And as consumers we notice it but forget about it seconds later.

This is why I dislike economics because it is dishonest in its methods.

I’ve said similar things about money and value before. It is easy to pull wool over the consumers eyes with visual trickery.