Unit 6: Indirect Exchange
In unit 6 we discuss the concept of money, and how it emerges on the market as a solution for the problem of coincidence of wants. We discuss Menger's concept of salability and why it is the most important property of money. We explain how money is different from all other goods in that its quantity does not matter. And explain how money helps us economize on our time: it increases the extent of the market, allows for complex economic calculation, and enhances our ability to save for the future.
Completing this unit should take you approximately 3 hours.
6.1: Money Lecture
6.2: Money Discussion
6.3: Money Review