Energy

The Hour of the Kilowatt

  • Posted on: 9 August 2011
  • By: Shawn DeWolfe
The days of wampum are over. The roller coaster of the last 65 years should be telling us that we're on the wrong ride.
Currency grew out of the need to make goods and services portable. You didn’t need to carry the side of beef from the farm around with you to pay for debts, you sold it to the butcher who gave you some silver and let you walk away with currency. Gold and silver are comparatively rare, so attaching scarcity and value to the minerals meant that you abstract the value of items but keep it consistent.