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What is money and why do we need it Historic evolvement of money: economic perspective - Essay Example

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Economists such as Crowther and R.P. Kent define money as “a commodity which is generally acceptable as a medium of exchange and at the same time acts as a measure and a store of value" (Economics Concepts, 2012)…
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What is money and why do we need it Historic evolvement of money: economic perspective
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"What is money and why do we need it Historic evolvement of money: economic perspective"

Download file to see previous pages Economists such as Crowther and R.P. Kent define money as “a commodity which is generally acceptable as a medium of exchange and at the same time acts as a measure and a store of value" (Economics Concepts, 2012).In the ancient societies such a generally acceptable commodity became important with advancement of indirect transactions. Example: in a society where money is not involved a farmer produced wheat. He also needs salt. Salt producer wishes to acquire fish but not wheat. Hence the farmer would have firstly exchanged his wheat for fish and then fish for salt. Instead money could enable farmer to purchase salt directly from the producer without involving fisherman. Division of labor thus fueled emerging of money. Due to the fact that money could facilitate exchanging of any good or services people started to store money for future consumption. Thus the role of money as a store of value also became prominent. In early societies silver and/or gold coins were used as money. In time trading of goods and services became a large scale practice in the societies. And the amount of silver and gold became insufficient to exchange the amount of goods and services circulating in the economy. Currently the governments produce notes and coins and supply them to the economy for facilitating trade. However government gold reserves still serve as an indication of country’s wealth.It is also argued that evolving of money has not yet reached the highest possible stage because the current day money is not generally accepted as a medium of exchanging across country borders. ...
Hence storing of value through time and space is considered as a secondary role of money in the contemporary societies. Seemingly money based market systems are associated with a number of advantages. However the drawbacks of money lead societies include deterioration of quality of family unit and development of moral ignorance. Welfare Impacts of Developing Market Mechanism Example: in early societies the role of mother or women was explicitly different from the current scenarios. Women were engaged in fulltime house-making, raising children, caring of husbands and so on. According to the early researches the number of labor hours spent by women on these activities per week was approximately equal to the number of hours men worked in paid formal jobs. With time women’s motivation centered more on salary income and hence a tradeoff between love and money has been created (Folbre and Nelson, 2000). As a result the social welfare of women has increased. The poverty of women has decreased. Nevertheless one can also presume decreasing of time spent with the family may have resulted in increasing family problems, deteriorating the quality of family life and increasing mental health issues such as stress, depression and anxiety in the society. Such issues can be the impact of trading off between “love” and “money”. Further the performances of children who are raised under lower parental caring can be adversely affected. Thus the productivity of future labor force is at a stake. Moral Issues Associated With the Market Mechanism Some economists argue that decreasing of fertility rate and advancement of technologies has lifted the family burden of raising children. Hence contemporary women ...Download file to see next pagesRead More
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