Conversations among economists are incredibly valuable—they sharpen our thinking, challenge assumptions, and refine ideas. But it’s easy to forget how complicated and unintuitive economics can seem to people outside the field. The concepts we toss around every day, often in shorthand or with an unspoken understanding, can feel confusing or even paradoxical to non-specialists. That’s why it’s not only worthwhile, but often refreshing, to engage with people who don’t have formal training in economics. They bring curiosity, common sense, and practical insights that make us see things differently.
Last year, after giving a talk, someone shared a comment with me that sparked a fascinating conversation. I’ve also noticed how economic memes—popular online—can raise interesting questions. At a recent conference, for example, I gave a talk about de-dollarization and the Mar-a-Lago Agreement. During the Q&A, someone asked: “When will we finally have a fixed dollar?” They argued that money—whether dollars, euros, pounds, or francs—should be treated like units of measurement. If we wouldn’t accept inches or hours changing unpredictably, why do we accept it with money?
It’s a fair question. We live in a world that’s obsessed with data and measurement. So it’s tempting to think of money as just another unit—like inches for length, seconds for time, or pounds for weight. But money is not, and has never been, a fixed measure of economic value. A dollar is not like an inch. It doesn’t represent a universal constant. Instead, money is a social institution, and its meaning and value depend on wider economic, political, and cultural contexts.
Part of the confusion comes from the fact that money acts as a “unit of account.” We use it to set prices, track transactions, and compare economic values over time. On the surface, it looks like a measuring tool. Salaries, fortunes, and GDP are all expressed in dollars, so it feels like money is a unit of measure. But this is misleading. Unlike inches or kilograms, which are anchored to stable physical constants, the “unit” of money rests on a fragile consensus shaped by governments, central banks, markets, and individuals.