成果unit 5 money擴(kuò)展閱讀6 passages

PAGEPAGE1PassageOne:HistoryofMoneycanbeanythingthatiscommonlyacceptedbyagroupofpeoplefortheexchangeofgoods,services,orresources.Everycountryhasitsownsystemofcoinsandpapermoney.Inthebeginning,peoplebartered.Barteristheexchangeofgoodsorservicesforanothergoodsorservices,forinstance,abagofriceforabagofbeans.However,whatifyoucouldn'tagreewhatsomethingwasworthinexchangeoryoudidn'twantwhattheotherhad.Tosolvethatproblem,humansdeveloped“commodityAcommodityisabasicitemusedbyalmosteveryone.Inthepast,salt,tea,tobacco,cattleandseedswerecommoditiesandthereforewereusedasmoney.However,usingcommoditiesasmoneyhadotherproblems.Carryingbagsofsaltandothercommoditieswashard,andcommoditiesweredifficulttostoreorwereMetalsobjectswereintroducedasmoneyaround5000B.C.By700BC,theLydiansbecamethefirstintheWesternworldtomakecoins.Countriesweresoonmintingtheirownseriesofcoinswithspecificvalues.Metalwasusedbecauseitwasreadilyavailable,easytoworkwithandcouldberecycled.Sincecoinsweregivenacertainvalue,itbecameeasiertocomparethecostofitemspeoplewanted.Someoftheearliestknownpapermoneydatesbackto,wheretheissueofpapermoneybecamecommonfromaboutAD960onwards.Withtheintroductionofpapercurrencyandnon-preciouscoinage,commoditymoneyevolvedintorepresentativemoney.Whatmoneyitselfwasmadeofnolongerhadtobeveryvaluable.Representativemoneywasbackedbyaernmentorbank'spromisetoexchangeitforacertainamountofsilverorgold.Formostofthenineteenthandtwentiethcenturies,themajorityofcurrencieswerebasedonrepresentativemoneythroughtheuseofthegoldstandard.Representativemoneyhasnowbeenrecedbyfiatmoney.Moneyisnowgivenvaluebyaernmentfiatordecree;inotherwordsenablelegaltenderlawsweremade.Bylawtherefusalof“l(fā)egaltender”moneyinfavorofsomeotherformofpaymentisillegal.Today,wehaveelectronicbanking.ElectronicRecordingMethodofAccounting(ERMA)beganasaprojectfortheBankofAmericainanefforttocomputerizethebankingindustry.MICR(MagneticInkCharacterRecognition)waspartofERMA,anditallowedcomputerstoreadspecialnumbersatthebottomofchecksthatallowedcomputerizedtrackingandaccountingofchecktransactions.PassageTwo:MoneyandItsMoneyissomethingyouhavebeenfamiliarwiththroughoutyourlife.Infact,youmayalreadyconsideryourselfaspecialistinthesubject.Youregularlyusemoneytomeasurethevalueofthingsyoupossess.Youalsohavesomeofitinyourpocketandinbankaccounts.Itmightsurpriseyoutolearnthatthereisagreatdealofargumentamongeconomistsaboutwhatmoneyis.Modernmoneygenerallytakestheformofstampedmetalorprintedpaperissuedbyernments.Theoretically,however,justaboutanythingportable,divisible,durable,andstablecanserveasmoney.Toappreciatethesequalities,imagineusingsomethingthatlacksthemforexample,a1000-poundcowusedasaunitofexchangeinancientagrarianeconomies.Besidesthecharacteristicsofmoney,wealsoneedtoconsiderthefunctionsofmoneywhentryingtodefineit.Moneyservesanumberoffunctions,andanydefinitionofmoneymust passallofitsfunctions.Thefourmajorfunctionsofmoneyareasamediumofexchange,astandardofvalue,astandardofdeferredpayment,andastoreofvalue.AMediumofAsagenerallyacceptedmediumofexchange,moneyrulesouttheneedforbarter,thedirectexchangeofoneitemforanother.Barterisaveryinconvenientmeansoftradingbecauseitrequiresthedoublecoincidenceofwants.Asellerwithagoodorservicetooffermustsearchforabuyerwhoha actlywhatthesellerdesires.Forexample,ifabakerwantsmeat,hemustsearchfora whosellsmeatandwantsbreadunderabartersystem.Becausemoneyisgenerallyacceptedaspaymentformaypurchase,abakerwhosellsbreadformoneycanusethemoneytobuymeatoranythingelsehewants.AStandardofMoneyprovidesaunitofaccountthatservesasastandardtomeasurevalue.Thevalueofanitemisameasureofwhatawillsacrificetoobtainit.Howmuchisatwo-weekvacationinHawaiiworthtoyou?Ifyouarelikemostpeople,youwillprobablyrespondtosuchaquestionbyvaluingthevacationindollarssay$2,000ratherthanintermsofotherthings(likeyourcar).Whetherornotyouareconsciousofit,youareconstantlyvaluingitemsindollars.Asastandardofvalue,moneyallowstheadditionofvaluesofmanydifferentitemssuchasautos,repairs,andallothergoodsandservices.TheconceptofGNPisuselesswithoutastandardofvaluesuchasthedollar.AstandardofDeferredManycontractsinvolvepromisestopaysumsofmoneyinthefuture.Theunitofaccountfordeferredpaymentofdebtsisalsomoney.Ifyouborrowmoneytobuyacar,theloancontractspecifieshowmuchyoumustpaybackeverymonth(i.e.monthlyinstallmentpayment)andthenumberofmonthsrequiredtosatisfyobligation.However,moneyservesitsfunctionasastandardofdeferredpaymentonlyifitspurchasingpowerremainsfairlyconstantovertime.Ifthegeneralpricelevelofgoodsandservicesinaneconomykeepsrising(aprocesscalled“inflation”),thefuturepurchasingpowerofmoneyovertimewillgodown.Similarly,whendeflationoccurs,thedecreaseinthepricelevelwillincreasethefuturepurchasingpowerofAStoreofMoneycsoserveasastoreofvaluethatcanbequicklyconvertedtogoodsandservices.Moneyastheactualmediumofexchangeiscompleyliquid,meaningthatitcanimmediaybeconvertedtogoodsandserviceswithoutanyinconvenienceorcost.Otherassetsthatserveasstoresofvaluemustfirstbesoldtobeconvertedintoagenerallyacceptedmediumofexchange.Thereareoftencostsandinconvenienceassociatedwithliquidatingotherassets.Holdingmoneyasastoreofvaluethuscanreducethetransactioncostsinvolvedineverydaybusiness.PassageThree:WhydoesmoneyhaveAcarhasvaluebecauseitcanhelpyougetwhereyouneedtogo.Waterhasavaluebecauseithasause;ifyoudon’tdrinkenoughofityouwilldie.Inthissense,moneyhasnomoreusethananyotherpieceofpaper,unlessyouenjoyappreciatingpicturesofdeceasednationalheroes.Yetitdidn'talwaysworkthisway.Inthepastmoneywasintheformofcoins,generallycomposedofpreciousmetalssuchasgoldandsilver.Thevalueofthecoinswasroughlybasedonthevalueofthemetalstheycontained,becauseyoucouldalwaysmeltthecoinsdownandusethemetalforotherpurposes.Untilafewdecadesagopapermoneyindifferentcountrieswasbasedonthegoldstandardorsilverstandard,andpeoplecouldtakesomepapermoneytotheernment,whowouldexchangeitforsomegoldorsilverbasedonasetexchangerate.Thegoldstandardlasteduntil1971whenNixonannouncedthattheUnitedStateswouldnolongerexchangedollarsforgold.NowAmericaisonasystemoffiatmoney,whichisnottiedtoanyothercommodity.SothepapernotesinpocketarenothingbutpiecesofButwhydoesafive-dollarbillhavevalueandsomeotherpiecesofpaperdonot?It’ssimple:Moneyisagoodwithalimitedsupplyandthereisademandforitbecausepeoplewantit.IwantmoneybecauseIknowotherpeoplewantmoney,soIcanusemymoneytogetgoodsandservicesfromothers.Theycanthenusethatmoneytopurchasegoodsandservicesthattheywant.Goodsandservicesarewhatultimaymatterintheeconomy.Peopleselltheirlabortoacquiremoneynowtopurchasegoodsandservicesinthefuture.Oursystemofmoneyoperatesonamutualsetofbeliefs;solongasenoughofusbelieveinthefuturevalueofmoney,thesystemwillwork.Whatcouldcauseustolosethatbelief?Well,whatifwebelievedourmoneywouldn’tbeasvaluableinthefutureasitistoday?Thisinflationofthecurrencycausespeopletowanttogetridoftheirmoneyasquicklyaspossible.Inflation,andtherationalwaycitizensreacttoit,causesgreatmiseryforaneconomy.Peoplewillnotsignintoprofitabledealswhichinvolvefuturepaymentsbecausetheywillbeunsurewhatthevalueofmoneywillbewhentheygetpaid.Businessactivitysharplydeclinesbecauseofthis.Inflationmayoccurforvariousreasons.Ifanaturaldisasterdestroyedstoresbutleftbanksintact,wewouldexpectanimmediateriseinprices,sincegoodsarenowscarcerelativetomoney.Thesekindsofsituationsarerare.Forthemostpartinflationiscausedwhenthemoneysupplyrisesfasterthanthesupplyofothergoodsandservices.Toavoidinflation,theernmentmustensurethatthemoneysupplydoesnotincreasetooquickly.PassageFour:MoneyYoucanalwaysmakeoneexcuseoranotherforwhyyourfinancesaren'teverythingyou’vedreamed:yourjobjustdoesn'tpayenough,yourfriendsarebadspendinginfluences,oryouaretoodeepindebttoevergetout.Inresponsetothose,webringyoufourreasonsyou’rebroke.YouputyourentirepaycheckinyourcheckingDepositingallyour estraighttocheckingsetsyouuptooverspendandsideline(迫使退出)yoursavingsgoals.Afll,themoneyisrightthere,ripeforthespending,andstockingcashawayforthefuturerequirestransferringitseparaytoyoursavingsaccount.Mysuggestionisthatyousetupautomaticdepositsstraightfromyourpaycheckintoyoursavingsaccounts.It'scalledpayingyourselffirst.YouspendonstupidWeactuallythinkyoushouldspendmoneyonthethingsthatwillactuallymakeadifferenceinyourlife.Spendingonameaningfulvacationoraclothingitemthatwillrevolutionizeyourwardrobeistotallyworthwhilewhilespendingextraonthingslikeyourelectricitybillisstupid.Prioritizewhatmattersmosttoyou,andthencutouttherestofthefillerinyourbudget.Youdon'thaveanyYouwillbemorelikelytosaveifyouhavesomethingtosavefor,especiallyifitissomethingimportanttoyou.Getsomeemotionsonthelinebythinkingofspecificreasonsyouareworkingsohardatyourfinances.Areyoutryingtosaveupforahousesomeday?Afamily?Anewcar?Amuch-neededvacation?Puteverything,andgiveyourselfsomethingtoworkfor,bycreatingavisionboard,whichyoucanfillwithimagesandwordstoillustrateyourideallife.YouarescaredofyourownYourpoweristogrowyourmoney.Investingmaysoundlikeanintimidatingthingmeantonlyforfinancialgurus,butyou’remissingoutifyou’retoochickentojumpin.Ifyouinvested,then40yearscouldturn$1,000intoalmost$22,000.Meanwhile,thatsame$1,000wouldleaveyouwithonlyalittleover$2,000after40yearsifyouputitinasavingsaccountwith2percentinterest!That'snottosayyoushouldstartpickingrandomstocks.We mendstartingoutwithmutualfunds(互惠基金)orexchange-tradedfundstomakesureyouhavethemostbalancedportfoliotofityourgoals.PassageFive:TheImportanceofPerhapsthemostcommonclaimwithregardtotheimportanceofmoneyinoureverydaylifeisthat“moneymakestheworldgoround”.Equallyexaggeratedbutshowingadeeperinsightisthewarningthat“theloveofmoneyistherootofallevil”,neatlytransformedbyGeorgeBernardShawintothefearthatitisratherthelackofmoneywhichistherootofallevil.However,whetheritistheloveorthelackofmoneywhichispotentiallysinful,thepurposeofthestatementineithercaseistounderlinetheoverwhelmingalandmoralsignificanceofmoneytosocietyinawaythatgivesabroaderanddeeperinsightintoitsimportancethansimplystressingitsbasicallyeconomicaspects,aswhenwesaythat“moneymakestheworldgoConsequentlywhetherwearespeakingofmoneyinsimple,so-calledprimitivecommunitiesorinmuoreadvanced,complexandsophisticatedsocieties,itisnotenoughmerelytoexaminethenarroweconomicaspectsofmoneyinordertograspitstruemeaning.Toyzethesignificanceofmoneyitmustbebroadlystudiedinthecontextoftheparticularsocietyconcerned.Itisamatterfortheheartaswellasforthehead:feelingsarereasons,too.Moneyhasalwaysbeenassociatedinvaryingdegreesofclosenesswithreligion,partlyinterpretedinmoderntimesasthepsychologyofhabitsandattitudes,hopes,fearsandexpectations.Thusthetabooswhichcircumscribespendinginprimitivesocietiesarebasicallynotunlikethestockmarketbearswhichsimilarlyreduceexpendituresthroughchangingsubjectiveassessmentsofvaluesand es,sothatthetrueinterpretationofwhatmoneymeanstopeoplerequiresanunderstandingofthelessobviousmotivationsasmuchasthenarrow calculationsofthecomputer.alattitudestomoneyvaryfromthedisdainofasmallminoritytothetotalpreoccupationofasimilarlysmallminorityattheotherextreme.Thefirstgroupparadoxicallyincludesafewoftheveryrichandoftheverypoor.Bothgroupsareunconsciouslyunitedinbelittlingitssignificance:therichmaneitherbecausehedelegatessuchworldlymatterstohisservantsorbecausethefruitsofcompoundinterestmorethansatisfyhishungerandwhateverotherdesiresaswell;thepoorbecausehelearnstoliveasbestashecanwiththeverylittlemoneythatcomeshisway,sothathispracticalrealismmakeshisself-denialappearalmostvirtuousandrespectable.Helimitshisambitiontohispurse,presentandfuture,sothathisacceptedwayoflifelimitshisdemandformoneyratherthan,aswithmostofus,theotherwayround.Attheotherextreme,preoccupationwithmoney esanendinitselfratherthanthemeansofachievingothergoalsinlife.Virtueandpoverty,however,arenotnecessarilyanymorecloselyrelatedthanarerichesandimmorality.ThusBoswellquotesSamuelJohnson1:WhenIwasaverypoorfellowIwasagreatarguerfortheadvantagesofpoverty...butinacivilizedsocietyalmeritwillnotserveyousomuchasmoneywill.Sir,youmaymaketheexperiment.Gointothestreet,andgiveonemanalectureonmorality,andanotherashilling,andseewhichwillrespectyoumost...Ceterisparibus2,hewhoisricivilizedsocietymustbehappierthanhewhoisJohnson’scommonsenseapproachtothehumansignificanceofmoneynotonlyringsastruetodayasitdidtwocenturiesago,butmaybemirroredinthestatementsandactionsofmuchearliercivilizations.TheminoritywhofinditpossibletoexhibitaSpartandisdainformoneyhasalwaysbeenverysmallandinmoderntimeshasdeclinedtonegligibleproportions,sincetheveryfewpeopleconcernedaresurroundedbythevastmajorityforwhommoneyysaroleofgrowingimportance.Eventhosewhoasindividualsmightchoosetobelittlemoneyfindthemselvesconstrainedattheveryleasttotakeintoaccountthehabits,viewsandattitudesofeveryoneelse.Inshort,nomancanaffordtheluxuryofignoringmoney,auniversalfactwhichexinswhySpartanarrogancewasachievedatthecostofanirondisciplinethatcontrastedwiththedomofcitizensofotherstatesmoreliberalwithmoney.Thisunderlyingprincipleofdomofchoicewhichisenjoyedbythosewithmoneybecameexplicitlypartofthestrongfoundationsofclassicaleconomictheoryinthenineteenthcentury.PassageSix:FinancialAlthoughfinancialinstrumentslikedeposits,loansandsharesdiffersignificantlyindetail,themajordistinctionsrestonthreecharacteristics:risk,liquidity,andreal-valuecertainty.Peoplethinkoftheirdepositswithfinancialinstitutionsassafe,andloansareusuallysecuredonassetsormadeconditionalontheborrower'sfinancialperformance,togivethelenderaddedconfidenceinthesafetyofthefunds,thoughthereisusuallysomesmallchanceofpartialortotalloss.Theriskoflossisheavilyconcentratedon1Boswell,1791,Lifeof2Ceterisparibus:[Latin]otherthingsbeingequityassets,mainlytheordinarysharesofcompanies.Theshareholderisentitledtoashareofthe'sprofitsbutmustalsoacceptthechanceofexperiencingsomeloss.Indeed,theeffectsontheshareholder