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Some basics from school

March 13, 2013
The Leader Herald

This is just a thought about what I learned in school 50 years ago.

Money is not a "thing," it is an IOU voucher with an agreed upon exchange value. It is a marker to keep us from having to carry trade goods in our pockets. Money is the proof that you have contributed your time and effort to produce something of use to society.

A job is not a "thing," it is a contract between an owner of goods and a person willing to help produce a trade commodity from those goods, in return for a part of the sale price. A wage is an IOU that says "you have contributed to making a product that was worth so much in trade, and this is your piece."

The economy is not a "thing," it is the total sum of each of us trading what we make for something made by others, usually using money as the scorekeeper.

The government is not a "thing," it is a group of people, just like you, formed originally to oversee a system of trade and rules of conduct to minimize friction among diverse populations.

If what I learned in school was correct, how can any government create jobs? How can a government establish a minimum wage? How can government grow the economy? Until we go back to what we learned in school, things in this country will never be able to recover.

TONI JOHNSON

Gloversville

 
 

 

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