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Quotation of the Day…

digitado ⋅ 29 de março de 2025

… is from page 30 of H. Geoffrey Brennan’s and James M. Buchanan’s 1981 monograph, Monopoly in Money and Inflation: The Case for a Constitution to Discipline Government:

Money performs a function of real value. It is not merely a veil. Persons will voluntarily exchange real goods and services for money units, even if they have no intrinsic worth and cannot be directly consumed or utilised. Money is valued for its instrumental usage in facilitating future exchanges.

DBx: Yes. And so to understand why people voluntarily produce and sell and accept money in exchange for the fruits of their efforts one must always keep in mind the “future exchanges” part of the process.

The post Quotation of the Day… appeared first on Cafe Hayek.

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