The lecture discusses the evolution of money from barter to fiat money, highlighting five stages: barter, commodity money, coins, paper money backed by metal, and fiat money. It emphasizes that money is a social contract that facilitates trade by lowering transaction costs and building trust over time. The lecture also explores the role of government in the development of money, including coining and regulating currency, and the transition from commodity-backed money to fiat money.
documents/EFTA01180232.pdf
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