If we define worth by how rare it is, the work it takes to produce, and how much time it takes then gold has worth, therefore the gold standard gave money worth, the money was a symbol of a certain amount of gold. However, the US dollar has been taken off the gold standard, so it represents nothing but a worth that seems to be arbitrary. So how is the worth determined?
In: Economics
By essentially asking a bunch of people what it is worth. Every day, everyone asks everyone else how much a dollar is worth by buying things and agreeing on the price. It’s a little more overt when you exchange between different currencies but this is basically it.
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