But even institutions as old and powerful as banks and symbolic universes as swe

Admin/ July 12, 2022/ Sociology

But even institutions as old and powerful as banks and symbolic universes as sweeping as that of money can be challenged. Read the highlighted portion from The Social Construction of Reality below to frame your thinking. The prompt is to imagine competing money “experts” or economists on what the future of money should be.
The highlighted portion from the book: Page 136 & 137. Starts at “This brings us to another” and ends at “by the development at this base”
Three economists walk into a bar and have the following argument:
Economist A : “We need to return to the gold standard and limit our money supply to match gold reserves, this will guard against inflation!”
Economist B: “We should keep fiat currency and fractional reserve banking as is, this will help our economy grow!”
Economist C: “We should abandon government-based currencies all together for decentralized crypto-currencies, this will democratize money!”
Response Prompt
Answer the questions below in as few or many words as you need:
1: Let’s make sure we have a grasp on a few key terms. First, in your own words define: fractional reserve banking, fiat money, and block chain
2: Which expert is right when the entire concept of money is socially constructed? Each choice will have a set of social repercussions, both pro and con. Which one would you side with and why? (or write in your own answer as “Economist D” if you propose an alternative to these three)

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