Commodity Theory of Money vs the Credit Theory of Money

Typology

Jongseung Kim:

"A key question in understanding the nature of money lies in the debate between the Commodity Theory of Money and the Credit Theory of Money. The Commodity Theory posits that money derives its value from its intrinsic properties, such as scarcity and durability, with commodities like gold and silver forming the foundation of monetary systems. Conversely, the Credit Theory views money as a social construct rooted in trust, representing a ledger of debts that evolves within social and legal frameworks.

These two perspectives have often been seen as conflicting, but they can be unified in what we call the Ledger Theory of Money."

(https://medium.com/@deframing/the-meaning-of-monetary-economics-in-the-crypto-world-e7f89e60d3a3)