12 - Will Luther on Bitcoin, Vodka, and the Emergence of Money

What is money and where does it come from? Will Luther, assistant professor of economics at Kenyon College, joins the show and explains the two competing theories on the origins of money. The first theory posits governments are needed to provide credibility for money as a medium of exchange. The second theory, the spontaneous order theory, argues market actors will arrive at an acceptable medium of exchange on their own. David and Will discuss historic examples of both public and private money, including th