Quote preview background for Ludwig von Mises
If the objective exchange-value of money must always be linked with a pre-existing market exchange-ratio between money and other economic goods (since otherwise individuals would not be in a position to estimate the value of the money), it follows that an object cannot be used as money unless, at the moment when its use as money begins, it already possesses an objective exchange-value based on some other use.
Ludwig von Mises The Theory of Money and Credit
Turn into a Quote Card

Quote Detail

If the objective exchange-value of money must always be linked with a pre-existing market exchange-ratio between money and other economic goods (since otherwise individuals would not be in a position to estimate the value of the money), it follows that an object cannot be used as money unless, at the moment when its use as money begins, it already possesses an objective exchange-value based on some other use.
LM
Ludwig von Mises

The Theory of Money and Credit

Quick Answer

What this quote page tells you

This canonical quote page keeps the full saying, the attributed author, any linked work, and the topic tags together so the quote can be cited from one stable URL.

Related Quotes

More quote cards from the same area