The Law of Exchange:
Money is the medium through which people
exchange their labor in the production of goods and services for the
goods and services of others.
Before there was money, there was barter.
In barter,
people exchange goods and services directly for goods and services without the medium of money.
As civilization grew and barter became too clumsy,
people found that they could exchange their goods and services into a
medium like coins, which they could then exchange for the goods and
services of others, thereby making the whole process more efficient.
Today,
we go to work and exchange our work for money, which we then use to
purchase the results of the work of other people.
The first corollary of the Law of Exchange says:
Money is a measure of the value
that people place on goods and services.
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