Social And Psychological Value Of Money
Money as we know it today is a symbol of value created by the human imagination with no intrinsic value of its own. A coin or paper currency note has value because people accept it as a symbolic medium of exchange. The economic value of money as measured by its purchasing power is a subject of economic theory. However economics does not explain how individual human beings and societies came to accept symbolic money as a medium of exchange or store of value. The process of according value to a symbol is psychological and social. Money is a social institution based on the consent of the population and a psychological symbol based on the consent of the individual. Money has acquired the all-pervasive value that it possesses today by a slow evolutionary process that can be most easily understood by tracing its social and psychological origins from ancient times.
Read more about Social And Psychological Value Of Money: Material Value of Money, Interpersonal Value of Money, Social Value of Money, Psychological Value of Money, Human Value of Money, See Also
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