BBC Radio 4′s documentary series Analysis has a fascinating programme that explores the little-asked question ‘What is Money?’ – and the answer turns out to be scarily psychological.
In fact, the definition is very close to William Gibson’s description of cyberspace as a “mass consensual hallucination” because money relies on us to believe in it for it to work.
In other words, it’s largely a social concept we all sign up to and this episode of Analysis looks at the economics of how (or rather how not) money is tied to actual goods and services in the world and what this means in times of financial crisis.
It also turns out that the BBC are now linking to podcasts directly from the programme pages so even though we live our lives in the grip of a self-imposed imaginary power at least the Radio 4 website is now easier to use.
Link to Analysis episode ‘What is Money?’