The Evolution of money (David Orrell; Roman Chlupaty, 2016)

• The wonders of money distribution
• Debasement: the practice of lowering the value of currency
• Seigniorage: profit made by government by issuing currency, e.g. coin face value vs. production cost
• Exacerbate: make something worse
• Benign: gentle and kind
• “Let me issue and control a nation’s money and I care not who writes the laws” - Mayer Amschel Rothschild
• “I don’t care who writes a nation’s laws - or craft its advanced treaties - if I can write its economics textbooks” - Paul A. Samuelson
• Quantity of labour: if it costs twice the labour to kill a beaver than a deer, 1 beaver exchange for 2 deer
• Fisher identity: Money in circulation x Velocity = average transaction Price x volume of Transaction (GDP)
• Change in government policy will affect the economy: Dynamic Stochastic General Equilibrium (DSGE) / Arrow-Debreu
• Adenosine Triphosphate (ATP): transport energy and store food with cells