If you’re alone on an uninhabited island, you don’t need money; you only need resources and labor to process those resources for survival. In other words, there’s no need for an exchange-based economy. The exchange of goods led to the development of an economic system that dramatically increases efficiency and productivity. The monetary system was created because society consists of many people living together. To facilitate exchange, value had to be measured, and a price assigned to that value. The foundation of wealth is built on production and exchange. We all rely on others to survive. - Joseph’s “just my thoughts”
Every day, I share my small yet meaningful thoughts with wisdom to help self-improvement, self-enrichment, and motivation.