The Evolution of Money
The society we live in today is obsessed with the idea that monies only role is operating as a medium of exchange. After all, this property of money is essential, if nobody wants to transact using it then it’s not exactly useful as money. However, there is always an opportunity cost when using money. This cost has a lot to do with a market participants time preference. Time preference refers to the ratio at which individuals value the present compared to the future.