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The Myth of the Unchanging Value of Gold

August 29, 2014 in Economics

By Ryan McMaken

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Mises Daily Friday by Joseph Salerno:

Many economics textbooks claim that a function of money is to measure the value of goods. In fact, the value an individual attaches to a given sum of money or to any kind of good (including gold) is based on a subjective judgment and is without physical dimensions.

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Source: MISES INSTITUTE

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