scalatheagorist on Nostr: True. That is what Menger says roughly: In the course of money-mediated barter trade, ...
True.
That is what Menger says roughly:
In the course of money-mediated barter trade, markets arise on which price formation takes place.
Monetary market prices also increase the level of information of market participants about the existing market situation.
The "exchange value" expressed in money, the so-called "monetary value" of the goods, which appears as a "price", merely represents an exchange relationship between the purchased goods and the money.
That is what Menger says roughly:
In the course of money-mediated barter trade, markets arise on which price formation takes place.
Monetary market prices also increase the level of information of market participants about the existing market situation.
The "exchange value" expressed in money, the so-called "monetary value" of the goods, which appears as a "price", merely represents an exchange relationship between the purchased goods and the money.