![]() ![]() The restaurateur is paid, the economist is satiated, while the students have learned something worthwhile.īut the only people who pay Ben Bernanke directly for his thoughts are investors. Thankfully, the economist has students to whom he can sell his knowledge for dollars, which then function as a medium of exchange with which he can purchase his meal. Would a restaurateur exchange his goods for a lecture on monetary policy? Perhaps not, and the meal goes unsold and the economist goes hungry. ![]() The evolution from barter to money is an old story in economics, repeated down the centuries in one form or another, to the point that even children are aware of it.īarter systems would indeed make it difficult for an economist to eat lunch. ![]()
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