John Ralston Saul on Abstract Value
on Saturday, January 4, 2014John Ralston Saul Money Quotation saying we forget that faith placed in physical currency is an abstract concept agreed on by everyone. John Ralston Saul said:
“Money is not real. It is a conscious agreement on measuring abstract value” — John Ralston Saul
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John Ralston Saul is pointing out that money does not have intrinsic, physical value. It is not a tangible thing in itself but rather an abstract, socially constructed measure of value.
Money only has meaning and functions as a medium of exchange because societies have consciously agreed to use it as a way of measuring and comparing the worth of goods, services, labor, and other assets.
His quote emphasizes that money is a social agreement and not something with inherent worth – it is a shared way of quantifying value but has no value of its own outside of this agreed-upon role in economic transactions.