Mises AcademyAustrian Econ I:

Praxeology Through Price TheoryRobert P. Murphy

Spring 2011Lecture 5May 26

1st half Chapter 3

1. Direct vs. Indirect Exchange

II. Drawbacks of Direct ExchangeIII. Indirect Exchange the Solution

IV. Money and Its Origin A. Definition B. Marketability vs. Value V. The Unit of Money

I. Direct vs. Indirect Exchange

II. Drawbacks of Direct Exchange

II. Drawbacks (cont’d)

III. Indirect Exchange the Solution

IV. Money and Its Origin

A. Definition

Money is a

●medium of exchange

that is

●commonly accepted.

B. Marketability vs. Value

V. The Unit of Money