What is good about money?

Fragment of a discussion from Talk:Money
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re 1b2a, Morbius writes (private):

where one person grasps the value of something, would find it very difficult to persuade anyone else of its value

Money itself does not establish value, or in the terminology of economists, does not engage in price discovery. Rather, it serves as a common unit of value once that price is established, usually through market operations.

(I'm leaving entirely untouched the question of whether or not markets are effective, efficient, or accurate in price discovery, though there's a large literature on market failures which touches on this, among others.)

(I'm linking Investopedia not so much as an endorsement or agreement, but because it does reasonably represent the orthodox agreement and definition of terms.)

Basically, 1b2a is not an inherent function of money, but of markets, or other forms of price discovery / value discovery.

Woozle (talk)00:06, 19 July 2020