In my economic fundamentals class, we’re studying the way banks work, particularly the Federal Reserve. This field experience was especially prevalent to what I wanted to learn about the economy, because I’m writing a paper about Alan Greenspan and his effect on our economy. This field experience was helpful because as you may or may not know, Alan Greenspan was Chairman of the Fed for decades, and just recently was replaced in 2006.
1) Why was the invention of paper-like money so important?
The invention of paper-like money was so important because is a much more convenient way of making a purchase, as opposed to trading.
2) What are some of the ways our lives would be different if we had a barter system today?
If we still had the barter system in our country today, we would be exporting and manufacturing a lot more goods– which is, in theory, what we’re supposed to be doing.
3) Would you favor the U.S. copying any ideas from other countries to use on our own currency?
I would be in favor of using more color in our dollar bills. It would make it virtually impossible for people to counterfeit the U.S. dollar.