David Hume: Commerce Exchange

Money is not one of the subjects of commerce; but only the instrument which exchange of one commodity for another. David Hume said:
 
 

 

“Money is not, properly speaking, one of the subjects of commerce; but only the instrument which men have agreed upon to facilitate the exchange of one commodity for another” — David Hume

In this quote, David Hume is making an observation about the role and function of money in commercial exchange. The best interpretation is:

• Hume states that money itself is not actually one of the goods or “subjects of commerce” that are directly bought and sold.
• He describes money as simply an “instrument” or tool that societies adopt to more easily enable the trading of real commodities between parties.
• Hume implies that at its core, commerce is about the exchange of material products and services, not money, which acts as a lubricant making these trades more practical.

Overall, Hume appears to be suggesting that money’s true purpose is as a facilitator for efficient barter, rather than being an end in itself. It provides a standardized medium that allows actual commodities and services to change hands, but is not itself one of the subjects being exchanged according to Hume’s perspective.

Birthday: May 7, 1711 – Death: August 25, 1776

Robert A. Heinlein: Commercial Financing Commodity

Robert A. Heinlein Money Quote saying banks could finance commercial loans by charging reasonable fees, but instead commoditize cash based on scarcity. Robert A. Heinlein said:
 

 

“Commercial financing could be done for a service charge plus an insurance fee amounting to much less that the rates of interest charged by banks, whose rates were based on supply and demand, treating money as a commodity rather than as a sovereign state’s means of exchange” — Robert A. Heinlein

In this quote, Robert A. Heinlein seems to be commenting on alternative models for commercial financing compared to traditional bank lending. He suggests that financing could be provided through a service charge and insurance fee, which together would amount to less than the interest rates charged by banks.

Heinlein portrays how bank rates are influenced more by market forces treating money as a commodity, rather than recognizing the sovereign role of a state in establishing its currency.

Overall, the quote appears to be arguing that more efficient, lower-cost options for business financing could exist if rates were detached from speculative influences and instead focused on the intended purpose of money as a medium of exchange established by governments.

Heinlein may have been proposing some form of public or cooperative financing system as an improvement over the bank-dominated models of his time.

Birthday: July 7, 1907 – Death: May 8, 1988

Henry David Thoreau: Price = Life Spent

Henry David Thoreau Money Quotation saying we must measure how much of our lives is devoted to paying for our possessions. Henry David Thoreau said:
 

 

“The cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run” — Henry David Thoreau

In this quote, Rolf Nelson is discussing how wages work as a form of payment for labor or a person’s time. He is saying that when someone is paid wages, they are essentially trading or exchanging a portion of their lifetime or time spent working in exchange for money (their wages).

The “price tag” he refers to is the dollar amount of the wages. This price tag or dollar figure is simply a measurement or quantification of how much of the person’s lifetime or time they are trading in exchange for that amount of money.

So in essence, the quote is saying that wages represent the trading of a person’s time spent working for monetary compensation, and the wages amount itself just represents how much of their time is being purchased.

Birthday: July 12, 1817 – Death: May 6, 1862

Henry David Thoreau Quote Mug: Price of Life Two-Tone Coffee Mug by itsamoneything

J.S.G. Boggs: Art & Medium of Exchange

J.S.G. Boggs Money Quotation saying currency is art, as well as a representation of value which is universally accepted as a medium of exchange. J.S.G. Boggs said:
 

 

“One of the reasons money fascinates me as an image is that money is so many different things all at the same time. It’s a work of art, it’s a medium of exchange, it’s a representation. In short, it’s a representational work of art that represents many different things” — J.S.G. Boggs

This quote from J.S.G. Boggs further elaborates on his view that money has an artistic dimension in addition to its economic functions. The best interpretation is that Boggs sees currency as both a visually designed artistic object as well as a symbolic representation of economic and social concepts.

He notes that money simultaneously serves as a medium of exchange in transactions, a store of value, and a portable work of graphic art – fulfilling artistic, practical and symbolic roles simultaneously.

By describing money as “a representational work of art that represents many different things”, Boggs emphasizes how banknotes combine aesthetic craft with layers of conceptual meaning.

So in essence, the quote casts appreciation for the multifaceted nature of money as both a functional and representational/artistic creation according to Boggs’ perspective.

F. J. Smolka: Two for One Idea

F. J. Smolka Money Quotation saying ideas can be more valuable than dollars and also increase in value when combined with other ideas. F. J. Smolka said:
 

 

“If I have a dollar and you have a dollar and we exchange we will be even, but if I have an idea and you have an idea and we exchange you will have two ideas and I will have two ideas” — F. J. Smolka

F. J. Smolka seems to be suggesting that ideas can be shared and multiplied in a way that financial resources cannot. Specifically, the quote contrasts exchanging a dollar (where each person ends up with the same single dollar they started with) versus exchanging ideas (where each person ends up with two ideas, effectively doubling the total number of ideas).

Smolka’s point appears to be that ideas are non-rivalrous goods – sharing or discussing an idea does not diminish the original idea, but rather builds upon it by creating new perspectives or combinations. Overall, the quote indicates that Smolka views the spread and proliferation of ideas as highly beneficial, unlike the zero-sum exchange of finite monetary assets, because ideas can exponentially grow in number and value through open exchange between open and creative minds.

David Wolman: Dumping Physical Currency

David Wolman Money Quote saying we’ve watched a half dozen industries move from physical to data and money is moving toward epayments. David Wolman said:
 

 

“Physical currency is a bulky, germ-smeared, carbon-intensive, expensive medium of exchange. Let’s dump it” — David Wolman

In this quote, David Wolman is advocating for moving away from physical cash or currency and toward digital forms of money.

He argues that paper bills and coins are bulky to carry and store large amounts of, can spread germs as they pass from person to person, require significant resources to produce and transport which contributes to carbon emissions and environmental impact, and are expensive for banks and governments to manage.

Wolman believes the drawbacks and costs of physical currency outweigh its benefits, and that societies would be better served adopting digital payment methods instead of using cash. Overall, the quote expresses the view that paper money should be phased out due to various problems associated with its physical form.

Ayn Rand: Producing Goods

Ayn Rand Money Quotation saying cash represents energy and effort expended to produce value by those committed to that end, to being useful. Ayn Rand said:
 

 

“Money is a tool of exchange, which can’t exist unless there are goods produced and men able to produce them” — Ayn Rand

In this quote, Ayn Rand is emphasizing the relationship between production, goods, and the ability to use money as a medium of exchange. She is saying that money only has value and purpose in an economy where real goods and services are being produced. If there is nothing being created, and no people or machines capable of creating things of worth, then there would be no point to money as it would have nothing to represent in terms of value.

Rand viewed money as a tool that emerges from and depends on the real productive efforts of individuals, businesses, and economies to invent, build, grow or provide useful things that enhance human life. So for her, the existence of money itself is reliant on the prior existence of production and a capacity for creation of goods in society.

Birthday: February 2, 1905 – Death: March 6, 1982