The doctrine of the importance of hoards for stabilizing the objective exchange-value of money has gradually lost its adherents with the passing of time. Nowadays its supporters are few.

Ludwig Von Mises
About This Quote

Not too long ago, economists and other experts on the subject of economics would spend quite a bit of time discussing the importance of hoards. The idea was that people in possession of hoards would be able to stabilize the objective exchange-value of money. Although hoards are still important in some circumstances, they are certainly losing favor among economists.

Source: The Theory Of Money And Credit

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