Back in the olden days, people simply bartered products. One might trade a couple of loaves of bread for a fish. In order to ease this process so people didn’t have to bring their produce to market, over time people turned to gold, later paper money backed by gold and ultimately paper money backed by [...]
:: Friday, March 12, 2010
1. The interest rate is a price – the price of credit like the price of any good. In a free market the price would be set like the price of any good at the intersection of the supply of funds (our savings), and demand for funds (businesses’ and individuals’ investing [...]
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