Is Gold an Efficient Store of Value?
Gold and tobacco have both been used as commodity money. One difference between the two is that gold yields utility, on account of its beauty, without diminishing its quantity. Tobacco yields utility when it is consumed. If this were the only difference, which would be the better money?
|Date of creation:||Feb 2002|
|Publication status:||Published in Economic Theory (2003), 21(4): 767-782|
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