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What is money?
Money is a unit of value. It is a tool we use to measure how things are to individuals or to society at large. And since it represents an agreed upon level of value, we can use it to pay for things. It is the means to an end.
And that's it. Money is not value itself. It is worthless unless it is traded for something real, for something of value.
Though it seems like a simple semantic issue, this is an important distinction. The failure to understand it can lead to some unfortunate results. Coming up, I want to talk about a few examples.
