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What You Need To Know About Economics by George Buckley, Sumeet Desai

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CHAPTER 5

MONEY

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  • Why money exists and how we measure it
  • What affects how much money people hold
  • Where money comes from and how banks can ‘create’ it
  • The relationship between money, activity and inflation
  • Who is borrowing and who is saving money
  • The importance of borrowing to the economy and the credit crunch

WHY DOES MONEY EXIST?

This might sound an odd question to begin with. Surely it's obvious what money is – it's the notes and coins we carry around in our back pockets to buy goods & services in the shops, as well as the money we keep in our bank accounts. While that's true, there happens to be a lot more to defining money.

It wasn't always ...

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