1. The Theory Of Money And The Theory Of Value
... value is well established as a social phenomenon, is value itself, but how can they get it? The most immediate method of transferring value would be through promises. When two agents agree on a price in a transaction, the buyer could promise the seller the of promises works perfectly well as long as agents commit through promises only value which they actually control. ... fraudulently manipulating the system to their personal advantage, might issue promises to pay value which they cannot or will not meet. The first mediation of this contradiction would be for trading agents to use third...
- Word Count: 5092
- Approx Pages: 20
- Grade Level: Undergraduate