Money is the root of all evil
Do you agree that money is the root of all evil ? Some agree , some don’t . Some says that you can find it in the Bible (“the love of money is the root of all evil) and also in ancient Greek philosophers . What about you ?
Money is the root of all evil | What is money ?
In the olden days , we barter trade , meaning that we have to find someone who is willing to exchange that we want with us . If we wanted to sell away our cattle for a house , we literally have to find someone who wants to exchange his house with our cattle . It is extremely difficult to find that exact opposite to do the exchange . That’s why money comes in extremely handy .
Money acts as a medium of exchange in a transaction . Money or currency is the grease of the engines of commerce . Money act as a unit of account , a store value and also as a medium of exchange . As a store of value , perhaps there are others goods (such as gold) that offers better “value” than money as money tend to erode over time due to inflation .
With money as a medium of exchange , it solves the problem of having to barter trade , makes our lives easier and an economy that is more efficient . In this instance , do we agree that money is the root of all evil ?
Money is the root of all evil | Does everything has a value ?
In the past , money was in the form of coins made of either gold or silver . The value of the coins therefore is roughly equivalent to the value of the metal it contains then . A few decades ago , we replace these metal coins with paper currencies and the government around the world would need to “deposit” equivalent Gold or silver base on the exchange rate set by the various government . However in 1971 , President Nixon of the United States declare that the United States will no longer exchange gold for paper currencies , which effectively ended the Bretton Woods system . Today the system is based on fiat money which is not tied to any commodity . They are simply pieces of paper whose value is based on the supply and demand of such paper currencies .
Everything has a value but the value varies according to the law of supply and demand . If there is a lot of demand , then the value goes up . If there is no demand , then the value goes down . Values can be a set of beliefs or mere perception . For example , the paintings by Edvard Munch titled “The Scream” fetched US$119.9M at Sotheby’s auction last May . Would an ordinary person pay this much for a piece of painting ?
So the value of an item is sometimes subjective and yet relative , and changes according to supply and demand .
Money is the root of all evil | Morality
There is also a close association about money and morality . Money can cause corruption which is true , but if we take away money , what are we going to replace it with ? [see report here] . Should we ask the person who bought the Edvard Munch’s painting for USD$119.9M , to give up his painting and use the proceeds to feed the hungry and poor in Africa ? Should we challenge his moral values ?
Money is the root of all evil | My personal opinion
Money is nothing but a piece of paper . Its value is what we believe it to be . The value of an item can be relative , subjective and base on the law of supply and demand , i would like to mention a few words from a motivation guru who said something like this
- ”you can buy a house , but not a home”
- “you can buy sex , but not love”
- “you can buy medicine , but not health”
I think there is nothing wrong with money per se . It is a tool just like nuclear energy , a knife or a gun . Nuclear energy can be used to light up your homes but it can also be used to destroy a country . A knife can be used to cut vegetables and meat but it can also be used to kill someone . The same thing goes to a gun . It can be used to hunt for food or to kill and rob someone . So is “money is the root of all evil” then ?
I think money is good as it makes the economy more efficient , else we have to resort to barter trading . I don’t think it is a bad tool but the means to achieve it can be bad or good . What tool can we replace money with if it is bad ? Certainly not barter trade . Even if we can find a replacement , that replacement itself , will it be evil ? This still depends on the people who uses it … it can be good , it can be bad .
Now if someone out there still thinks that money is the root of all evil and wants to get rid of their money , let me know . I am sure i can find a good use for them .