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Standardizing Value

We typically think of money's job as providing a means of exchange, yet another angle to the role of traditional currency is in standardizing value so that we know that one $5 bill is equal to another. Alternative currencies may rely on bartering or service exchange, and questions of how to evaluate each service, item, etc. may arise. How can a given community determine whether Mary's cookies have the same value as Kate's and how many of either individual's cookies can be used to purchase a motorcycle? Do stores of value need to be independently verified and catalogued, or is it enough to determine values on an ad hoc basis?

Contributed by Arielle Eirienne, Power.of.Purpose! Communications

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Known Solutions

for Standardizing Value

Labor Standard

In the labor standard of value, one hour's work by one person equals one hour's work by another. This is really only tenable in environments in which everyone operates at the same level; when advance...

Innovative Solutions

for Standardizing Value

The Terra (TRC)

The Terra, or Trade Reference Currency, is meant to serve as an inflation-resistant standard of international value. It is a complementary currency and thus allows continued use of current units of v...

Comments

on Standardizing Value

I believe in silver being used accross the board to conduct business on an individual basis in country to country relations. You lay bricks in my country i shoe horses in your country each recieves s...
- Kevin Popp

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