Source: Cobden Centre
by Elias Sanchez
“Ask someone what money is, and they’ll likely gesture to the coins in their pocket or the balance on their phone screen. Over a coffee with a fellow economist this week, that assumption was front and centre: one pound is always worth another. It’s a reassuring belief, and it reflects the foundational economic principle of fungibility — the idea that each unit of money is identical in value and function. Fungibility keeps modern economies running. It allows prices to be set, contracts to be honoured, and savings to be stored. But look a little deeper, and the concept is not as sturdy as it seems.” (07/25/25)
https://www.cobdencentre.org/2025/07/fungibility-the-legal-fiction-at-the-heart-of-modern-money/