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Minecraft Emeralds = Ideal Currency?! (Theory)

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Pacmantacco's Avatar Pacmantacco
Level 38 : Artisan Taco
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I often hear people toss and turn at how emeralds are useless and should given more practical uses such as tools and armour. But I despise these ideas with a burning passion. For one thing they would completely ruin the trading system with villagers! By now you’re probably calling nonsense on this idea. Just let me take five minutes of your time to explain.



There are three characteristics an object should posses if it is to be used as currency for a stable economy:



  • An ideal currency is one that is naturally very rare. This is to keep the hypothetical amount of currency flowing through a system remains relatively constant. Why is this necessary you might ask? If more of the currency is added into circulation, its value will go down. This is known as inflation. Inflation is a bad thing and has a history of causing a lot of trouble. It brings in a whole set of problems including the reduction of purchasing power, increases in consumer price index and the increase of production cost. In this category, emeralds are a perfect fit! They are difficult to find naturally as they are biome specific ores that are 25 times rarer than diamonds! This all assures that you have to sell useful stuff to villagers, such as wheat, about as often as you receive useful stuff from them. This is the formation of what is an ideal economy.
  • An ideal currency must also have intrinsic value. How do emeralds fit this category? Well emeralds have no practical use, but are valued for their rarity.
  • An ideal currency has little to no practical use. When implementing a currency in an economy, you don't want consumers choosing to use the item in question instead of using it for currency. This creates a conflict of interest, and many potential consumers would rather throw your currency to the wayside and continue bartering if they need something. To put it into simpler words. If an item that has a practical use is used as currency, such as iron, then the value of this currency will constantly change based on the supply and demand for the item as a useful commodity. For example if minecarts, rails or iron tools are in high demand the value of gold will suddenly go up and so will the value of everything else. This is essential inflation, uh-oh, attacking the economy from a more obscure path. This is also a good reason why emeralds would not be a good choice to make tools and armor out of!





So there it is! Emeralds may be “useless”, but that’s just what makes them such a good choice to be used as economy! Their rarity and lack of a practical use amounts to emeralds being an ideal choice for currency. Was Mojang going for such a realistic approach when they first implemented the trading system? Perhaps. But either way, the system has turned out to possess a much deeper and more developed meaning than most people realize! Chew on that gamers.
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1
08/16/2019 11:31 am
Level 48 : Master Answer
Makaneek
Makaneek's Avatar
pretty solid.
1
12/27/2013 1:24 pm
Level 19 : Journeyman Taco
Higuy1
Higuy1's Avatar
Once I spent an hour in a village harvesting wheat to get 2 emeralds to buy a leather chestplate. I spent another hour getting the pants. XD
1
08/11/2014 10:18 am
Level 1 : New Miner
LuddeN1001
LuddeN1001's Avatar
Well... That's just realistic!

Real life: You're working to earn money from your boss to get the stuff you want/need.

Minecraft: You work hard getting wheat to get the stuff you want/need.

Good job, Mojang!
1
12/08/2013 3:23 pm
Level 21 : Expert Skinner
DubstepNyan800
DubstepNyan800's Avatar
Inflation is when prices go up, and the value of select currency goes down, so technically there could be no possible way for there to be an inflation in Minecraft because there is no set price on anything, exceptwhen you enchant something (Your trading experience for an enchantment.), and there is more to economy than just currency- government, consumers, producers, banks, and anything related to the subject. Usually, money is made or based off of the value of gold, so i personally think Gold Nuggets would be a great currency. Diamond and Favorite for you making a EXCELLENT argument! Good job!
1
12/08/2013 3:26 pm
Level 38 : Artisan Taco
Pacmantacco
Pacmantacco's Avatar
Remember, gold nuggets are a renewable source. Thank you for the feedback and for pointing those facts out!!! :D
1
12/08/2013 3:29 pm
Level 21 : Expert Skinner
DubstepNyan800
DubstepNyan800's Avatar
Hmm. that is true, Gold nuggets are forever renewable in-game, I forgot. Emerald has no uses, so that is actually a great idea to use as currency. Anywho, no problem! :)
1
12/08/2013 4:13 pm
Level 16 : Journeyman Goblin
poltercreeper
poltercreeper's Avatar
actually, emerald are indirectly renewable, look at tango tek's lp and you will understand what i mean.
1
12/08/2013 4:42 pm
Level 38 : Artisan Taco
Pacmantacco
Pacmantacco's Avatar
Oh, I haven't thought of it like that before.
1
12/08/2013 4:28 pm
Level 21 : Expert Skinner
DubstepNyan800
DubstepNyan800's Avatar
Ahhhhhh. I understand.
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