Heterodox
So the internet seems pretty much obsessed with this story right about now… The headline, taken at face value, isn’t particularly surprising to economists- we are quick to point out that a pretty wide variety of items can count as “money”, provided that they perform a few functions: A medium of exchange A unit of account A store of value By this characterization, sure, ramen could serve as money- I guess ramen packs aren’t so large as to be too cumbersome to be traded, you could quote...
Read More »