An Essay on Economic Theory

1.17. Metals and Money, and especially of Gold and Silver

An Essay on Economic Theory by Richard Cantillon
Richard Cantillon

Gold and silver were highly valued before they were used as money. They hold many advantages over other goods such as durability, divisibility, transportability, and homogeneity. These are the reasons which led gold, silver, and copper to be chosen as money, not “fancy” or common consent. When princes debase money or issue imaginary money, they hurt the economy.

From Part 1: Production, Distribution, and Consumption. Narrated by Millian Quinteros.