I hear some economics arguing that currency should be pegged to gold as a way of ensuring that its value isn’t arbitrary / volatile but I don’t understand how this would solve the problem. I understand that gold is a scarce resource that is difficult to mine but is it this alone that gives it intrinsic value ?
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Because value lies where people think it lies, and gold has been considered valuable for a long time.
Gold is very convenient and very useful, but none of these conveniences or uses make it inherently *valuable* to the extent that it is.
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