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John Locke Value Of Money Analysis

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Locke’s value of money John Locke was an English philosopher and physician. Locke said wealth comes from amount of gold and silver in the coins, but his theories has always some counterarguments from his opponents so they said it derived from its usefulness or from authorities assigning value to it. Silver and gold, he says, are treated to have equal value by all of humanity and can thus be treated as a pledge by anyone, while the value of paper money is only valid under the government which issues it. He gives the value of the currency 's value Intrinsically (money is intrinsic because it is derived from value of the metals in the money) but his opponents said is extrinsic because it’s derived from surrounding forces, fluctuations in markets etc., this value as an object Locke gifts describes piece as a commodity. …show more content…

Locke says “that is that a man’s wroth represented his proportion of the world’s gold and silver”. Thomas Papillon says that money is measurable with the value of commodities in exchange and announces that the wealth of a country can be formed only by gold, but also silver currency and commodities present in the country. Edward Leigh shows that goods have more utility for humans being than money and no matter the market and the money will follow you understand that there will always be people wanting to have a good., but Locke says that the value of money is compared with the utility of the good, it’s not a price, it’s what they can do with it in the real life. Also Locke said value of gold and silver is unique and imaginary and had created the possibility of money exchanges. Humans have assigned a particular value to precious metals through their appreciation and thereby forever fixed

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