3 Matching Annotations
  1. Apr 2024
    1. eachpricing their goods and services in terms of their own personal coins. Next, assume that every two villagersexchange 100 personal coins with each other

      Pricing in your own coins means personal coins may not match in value behind them. One may offer a cup of coffee for 1 coin, another for 5. Simply exchanging 100 coins with each other would mean one'll get 1/5 of value from this exchange. So 1:5 exchange would be needed. But how to know that in advance?

  2. May 2021
  3. Aug 2020