What purpose is served by an exchange of gifts?

I had thought about writing something about gift giving before Christmas, but it might have looked as though I was complaining about how difficult it can be to buy gifts for people who seem to have just about everything they need already. (Perhaps I might even now be wandering into dangerous territory.)

In the . . . → Read More: What Purpose is Served by an Exchange of Gifts?

Other Alpha Sources (Academic Version)

If you ask the layman about what economics is the answer you get is likely to contain the notion of money. This is understandable. After all, if economists do not study money in some form or the other what are we doing then?

As such, you might be surprised to learn that in . . . → Read More: Modeling the Role of Money

Is Money a Message as Well as a Medium?

Money is the medium of exchange as well as the unit of account and store of value. As the medium of exchange money makes life easy because we don’t have to spend a lot of time trying to find someone who is prepared to trade the goods we want to buy for the goods . . . → Read More: Is Money a Message as Well as a Medium?