Do People Accept Money Because Government Endorses It?

Do People Accept Money Because Government Endorses It?

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Demand for goods arises because of perceived benefits. For instance, individuals demand food because it nourishes them. This is not so, however, about pieces of paper we call money, so why do we accept them? According to Plato and Aristotle, the acceptance of money is a historical fact endorsed by government decree. It is government decree, so it is argued, that makes a particular thing accepted as the general medium of the exchange. Carl Menger, however, doubted the soundness of that view, writing: An event of such high and universal significance and of notoriety so inevitable, as the establishment by...
Source: https://www.newswars.com/do-people-accept-money-because-government-endorses-it-2/