What is good about money?

Fragment of a discussion from Talk:Money
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Morbius continues (private):

Of Jevons's list, my the principle changes I'd make are:

1. "Utility" is really a proxy for trust, and the greater the trust in the institution of money, the lower the requirement for utility of monetary tokens (coins, banknotes, credit systems, etc.) themselves.
2. The combination of other factors result in the universality of acceptance of money. And again, whatever is most universally acceptable is extraordinarily likely to be found serving as money. Cigarettes, cattle hides, beaver pelts, tobacco leaves, grain, etc.
3. Some sort of social or legal endorsement of exchange is strongly likely. Money need not be government-issued or backed, but within a region with a functional, effective, and trusted government, whatever does have official backing is likely to be most widely accepted and used in trade.
4. There's almost always some form of contract law surrounding exchange. This may be formal or informal, legislative or common law (that is, based on court precedent). But it regularises the obligations and rights in exchange and payment. Again, if you have functional institutions, the all the more so.
Woozle (talk)00:23, 19 July 2020