04-13-2021, 09:37 PM
(04-13-2021, 08:13 PM)pbrower2a Wrote: OK. Ed owns a restaurant, and Jack is a barber. The exchange-value of a steak dinner at Ed's restaurant is about the same as the value of a haircut by Jack. Exchanging a steak dinner for a haircut might not be practical at the moment. Money is simply a surrogate. Jack may not be hungry when Ed wants a haircut, and Ed might not want to serve Jack a steak dinner in a barbershop.
Also Jack may get hungry more often than Ed needs a haircut? Having something that represents the exchange value is convenient. Among other things, it allows specialization.
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