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The history of money is the development over time of systems for the exchange, storage, and measurement of wealth. Money is a means of fulfilling these functions indirectly and in general rather than directly, as with barter. Money may take a physical form as in coins and notes, or may exist as a written or electronic account.
The city states of Sumer developed a trade and market economy based originally on the commodity money of the shekel which was a certain weight measure of barley, while the Babylonians and their city state neighbors later developed the earliest system of prices using a measure of various commodities that was fixed in a legal code.
Roman adoption of metallic commodity money was a late development in monetary history. Bullion bars and ingots were used as money in Mesopotamia since the 7th millennium BC; and Greeks in Asia Minor had pioneered the use of coinage (which they employed in addition to other more primitive, monetary mediums of exchange) as early as the 7th ...
The money market equilibrium is represented with the LM curve, a set of points representing the equilibrium in supply and demand for money. The intersection of the curves identifies an aggregate equilibrium in the economy [ 50 ] where there are unique equilibrium values for interest rates and economic output. [ 51 ]
Niall Ferguson, The Cash Nexus: Money and Power in the Modern World, 1700-2000 (2001). Robert Fogel and Stanley L. Engerman, Time on the Cross: The Economics of American Negro Slavery (1974). Claudia Goldin, Understanding the Gender Gap: An Economic History of American Women (1990).
On July 6, 1785, the Continental Congress resolved that the money unit of the United States, the dollar, would contain 375.64 grains of fine silver; on August 8, 1786, the Continental Congress continued that definition and further resolved that the money of account, corresponding with the division of coins, would proceed in a decimal ratio ...
The gradual deterioration in design and execution of the gold coins and the disappearance of silver money, bear ample evidence to their curtailed territory. [60] The percentage of gold in Indian coins under the reign of Gupta rulers showed a steady financial decline over the centuries as it decreases from 90% pure gold under Chandragupta I (319 ...
The velocity of money provides another perspective on money demand.Given the nominal flow of transactions using money, if the interest rate on alternative financial assets is high, people will not want to hold much money relative to the quantity of their transactions—they try to exchange it fast for goods or other financial assets, and money is said to "burn a hole in their pocket" and ...