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Researchers study hedge fund model for complex societal problems

A hedge fund designed to pool money together for the public good could tackle a niche of problems that governments, non-profit organizations and for-profit companies all struggle with solving, according to Penn State researchers.

Nobel panel to reveal 2021 prize for physics

The 2021 Nobel Prize for physics is being announced Tuesday, an award that has in the past honored discoveries about fundamental forces of nature and cosmic phenomena.

California moves slowly on water projects amid drought

In 2014, in the middle of a severe drought that would test California's complex water storage system like never before, voters told the state to borrow $7.5 billion and use part of it to build projects to stockpile more water.

National parochialism widespread, worldwide

In our globalized world, cooperation between citizens of different countries should actually be a matter of course. But around the world, people prefer to cooperate with their own fellow citizens rather than with foreigners. ...

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Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value, and occasionally, a standard of deferred payment.

Nearly all contemporary money systems at the national level are fiat money systems. Fiat money is without value as a physical commodity, and derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the national boundaries of the country, for "all debts, public and private". By law, the refusal of a legal tender (offering) extinguishes the debt in the same way acceptance does. Some bullion coins such as the Australian Gold Nugget and American Eagle are legal tender, however, they trade based on the market price of the metal content as a commodity, rather than their legal tender face value (which is usually only a small fraction of their bullion value).

The money supply of a country is usually held to consist of currency (banknotes and coins) and 'deposit money' (the balance held in checking accounts and savings accounts). These demand deposits usually account for a much larger part of the money supply than currency. Deposit money is intangible and exists only in the form of various bank records. Despite being intangible, deposit money still performs the basic functions of money, as checks are generally accepted as a form of payment and as a means of transferring ownership of deposit money.

More generally, the term "price system" is sometimes used to refer to methods using commodity valuation or money accounting systems.

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