May 24– From The Wealth of Nations by Adam Smith (1776) edited by C.J. Bullock
Summary: Money makes it easier to buy stuff, and fiat is a scam!
Commentary: This one is kind of on the line between, "cool stuff that people should now more about" and, "no duh." Yeah, it's hard to make change for a cow, and metal is valuable and easy to break and reform. But it's also not something I ever remember specifically being taught, or really thinking about. You just read it and go, "oh yeah, that makes sense."
Slightly more brain working was the section towards the end about how coins originally were for a given weight and purity (eg one pound of sterling silver) that's gradually reduced with time, thus devaluing the currency. I'm not an econ major, but is this like, the original inflation?
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