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Social and psychological value of money : ウィキペディア英語版 | Social and psychological value of money
Money today is fiat money, a symbol of value created by the human imagination with no intrinsic value of its own. A coin or paper currency note has value because people accept it as a symbolic medium of exchange. The economic value of money as measured by its purchasing power is a subject of economic theory. However economics does not explain how individual human beings and societies came to accept symbolic money as a medium of exchange or store of value. The process of according value to a symbol is psychological and social. Money is a social institution based on the consent of the population and a psychological symbol based on the consent of the individual.〔Varian, Hal, "Why Is That Dollar Bill in Your Pocket Worth Anything", ‘’’The New York Times’’’, January 15, 2004.〕 Money has acquired the all-pervasive value that it possesses today by a slow evolutionary process that can be most easily understood by tracing its social and psychological origins from ancient times. ==Material value of money==
Human beings exert themselves in productive movements which release energy and produce results. Physical need moves them. Mind prompts them to work productively. The body converts its energy into work and enjoys the fruits of its own labor. Money is a means to convert the fruits of human labor into a form that can be stored indefinitely, transported readily, and transferred easily to another person in exchange for goods or services. Subjectively for each individual, it acquired value because it represented the use value of his or her human energy applied in productive work and the goods and services produced by that work. Money became a symbol to represent the value of work, the things it produced, the property on which it was produced and into which surplus production may be converted.〔Mises, Ludwig von. () 1981. "The Theory of Money and Credit". Indianapolis, IN: ''Liberty Classics''. Chapter VII.〕〔(The Theory of Money and Credit by Ludwig von Mises )〕
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