The Nature of Money

Few concepts in economics are more confusing than the nature of money. That is unfortunate because everything is tied to it. Politics and the debt, cryptoassets like Bitcoin, trends like growing inequality, tax policy, modern monetary theory (not really a theory) ... etc ... require a thorough understanding of money.

You can't weigh in on these issues is you don't understand where money came from, what money is, why we made it up, how it evolves over time, and why billions of people transact it everyday without worry that these pieces of paper or digital numbers with no intrinsic value will all the sudden be worthless. So that's why we wrote this piece.