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
Famous quotes containing the words social and, social and/or money:
“The term preschooler signals another change in our expectations of children. While toddler refers to physical development, preschooler refers to a social and intellectual activity: going to school. That shift in emphasis is tremendously important, for it is at this age that we think of children as social creatures who can begin to solve problems.”
—Lawrence Kutner (20th century)
“The value of a family is that it cushions and protects while the individual is learning ways of coping. And a supportive social system provides the same kind of cushioning for the family as a whole.”
—Michael W. Yogman, and T. Berry Brazelton (20th century)
“Prestige is the shadow of money and power. Where these are, there it is. Like the national market for soap or automobiles and the enlarged arena of federal power, the national cash-in area for prestige has grown, slowly being consolidated into a truly national system.”
—C. Wright Mills (1916–1962)