Money and function
Identifying and analysing the functions of money in all spheres of human life and society is a priority task in the scientific work of the Money Research Institute.
As part of the development of a new type of currency, which will make it possible to carry out direct settlements between people, to introduce the principles of a social index into circulation, a special place in the research work of the Money Research Institute is occupied by the study of the social and cultural functions of money.
- What will money be like in 100 years?
- Using money as a social index
- The evolution of the function of money
- Money, likes and followers
What will money be like in 100 years?
It is difficult to predict what money will be like 100 years from now because of rapidly changing technology and economic conditions. However, there are some trends that could affect the future of money. These could be as follows:
Contactless payments and e-money will become more widespread and convenient to use due to advances in technology and an increase in the number of devices that support such payments.
Cryptocurrencies and blockchain technology will continue to evolve and may become widely accepted as a means of exchanging and storing value.
It is possible that some states will switch to digital currencies created and controlled by the government.
There may be a reduction in the use of cash in favour of electronic forms of payment.
With the growth of internet commerce and the development of artificial intelligence technologies, new ways of using money may emerge, such as automatic payments, purchase recommendations, etc.
It should be noted that money will remain a form of exchange and storage of value in the future because it is an important tool for the modern economy.
What exactly money will be like 100 years from now, time will tell. It will probably continue to change and evolve in line with technological and social changes.
Money can be used as a social index because it reflects a person’s financial situation and social status. In our society, money plays an important role in assessing a person’s status and opportunities.
For example, having a lot of money may indicate high social status, success in career or business. Lack of money and low income may indicate poverty or low social status.
However, the use of money as the only social index may be limited, not always accurately reflecting a person’s social status. For example, a well-paid job may not correspond to a person’s interests or values, while poverty may be caused by external factors (illness, lack of education).
It is also worth noting that the use of money as a social index can lead to discrimination and inequality, as it can create barriers for people with low income or who do not have access to financial resources.
Thus, the use of money as a social index can be useful in some cases, but it should not be relied upon solely as an indicator in assessing a person’s social status or position.
The evolution of the functions of money
The functions of money have been subject to change over the centuries. Depending on socio-economic conditions and the social organisation of society, the functions of money have changed and evolved.
Originally, money was used as a medium of exchange. In ancient societies commodity-money exchange was a common phenomenon. Then, with the development of large cities and trade routes, various coins, banknotes and other means of payment began to appear.
In the modern world, the functions of money are as follows:
Medium of exchange: money is a universal medium of exchange between people.
A unit of measurement of value: money is used to measure the value of goods and services, which makes it possible to compare their value and arrive at sound financial decisions.
A means of wealth accumulation: Money is used to accumulate wealth and preserve it over time.
Means of payment: money is used to pay debts and obligations (rent, loans and other types of financial obligations).
A means of allocating resources: money is used to allocate resources and invest in different projects and businesses.
A means to control and manage the economy: money is a tool to control and manage the economy as it allows governments and central banks to regulate the money supply and interest rates.
Thus, the function of money evolves with the development of society and the functioning of the economy. Money remains an essential tool for ensuring the economic and social development of humanity.
In a digital world where people depend on social media, likes and followers can become a kind of ‘currency’ to determine popularity and success. However, this does not mean that money can turn into likes, as they are of a different nature and function.
Money is a form of exchange that is used to acquire goods and services. They are a material resource that can be stored and used for different purposes.
Money also has value outside the context of social media. It can be used for different purposes (education, travelling, buying real estate, etc.).
On the other hand, likes and followers are a form of social recognition that can be a measure of popularity and success in social media. They have value in the context of social media, but they have no tangible value and cannot be used to purchase goods and services in the real world.
Thus, it can be concluded that while likes and followers can be important indicators of success in social media, they cannot replace real money as a form of exchange and value in the real world.