King Midas is the man who can turn anything he touches into gold. He has been used several times to illustrate a few basic principles about money(with the extra assumption being that during his time, gold=money. For this story, we can additionally ignore international trade just to make life easier). First, he was introduced to… Continue reading Wise King Midas:80% of Macroeconomics in One Story
Tag: Money
The Tale of Rather Foolish King Midas
King Midas is the King from Greek mythology who had the gift to turn anything he touched into gold. In the story of slightly wiser King Midas he gains the ability to control which things turn into gold and which things do not. This was used to illustrate that real goods, not money (in this… Continue reading The Tale of Rather Foolish King Midas
King Midas and the True Nature of Money
I am going to tell you a famous story from Greek mythology that helps illuminate the truth of money. King Midas one day saved the son of Dionysus, one of the major gods[1]. In order to show his thanks to the King, Dionysus offered to grant Midas a single wish. Midas, being covetous by nature,… Continue reading King Midas and the True Nature of Money
Homo Economicish 