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money, financial markets and monetary policy, innovation and digital economies, market failure (volatility, instability)
We can think of money as paper currency issued by governments. This type of money is called fiat money, in contrast to commodity money. Commodity money, such as gold coins, has intrinsic value, whereas fiat money is simply a piece of paper issued by the government. It is not backed by a physical commodity like gold or silver – its value comes from government decree, or fiat.
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