The common perception of money among members of the public, and even some economists, verges on the fantastical.
And what happens if the grain producer does not want any cheese? If the producers of goat cheese or the suppliers of grain are reachable only through a sequence of transactions, that would add unnecessary costs for the person wanting cheese or grain. Prices indicate relative quantities of goods or services. Therefore, when money prices for a good fall, it indicates that for the good in question less money is required to attain it than was previously the case.Since prices are relative, we can measure the price of money relative to other goods in the economy.
Therefore, whenever a central authority decides to take control of the entire money supply and make decisions on its own about the appropriate quantity of money, the risk of incorrect signals about scarcity, supply and demand for all other goods spreading throughout the economy is heightened. That explains why I have found the most recent CPI figure to be the most important variable in predicting the real GDP per capita growth rate for the following year.
As sec 224 (1), SARB's primary Constitutional object is 'to protect the value of the currency.' It CAN then print money for essential infrastructure, at low interest rates. Like repaying Eskom's R420bn loans. And building social housing to lease. NO cash goes to individuals.
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