What Is Barter System?
Barter is a good for a good, such as fish for bread (St.
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1.What is barter?
Barter is a good for a good, such as fish for bread (St. Louis Fed).
2.What is the double coincidence of wants?
It works only if each side wants what the other has, at the same time; Jevons made the phrase popular in 1875.
3.How many exchange rates do three goods need in barter?
Fish for bread, fish for apples and bread for apples; a fourth good makes six.
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Sources (5)
- Federal Reserve Bank of St. Louis, Page One Economics: Money and Inflation: A Functional Relationship (2013)
- Federal Reserve Bank of Richmond, Economic Brief 24-01: Essentiality of Money: A Historical Perspective
- British Museum: Money Gallery (Room 68), Large Print Guide 2020 (Abschnitte 'The beginnings of money', Europe, China)
- Caroline Humphrey: Barter and Economic Disintegration. Man (N.S.) 20(1), 1985, S. 48-72
- Eigene Berechnung (Python)
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