Pecunia kiel5/29/2023 ![]() Bitcoin is a commodity, and to be honest I doubt it will ever graduate to be a ‘currency’ in the pervasive sense. Thus, as myopic as the “digital gold” narrative may be, it does currently make the most sense. As long as there exist fiat currencies which are perceived to be dilution-prone, people will spend those instead. Incidentally this phenomenon also explains why Bitcoin is unlikely to be ubiquitous in everyday commerce anytime soon. Hardly fooled, Romans naturally hoarded their more valuable Denarii and spent the inferior denomination such that the Denarius effectively vanished from circulation. What could possibly go wrong? Indeed it proved to be an informative historical monetary shock illustrating the inevitability of Gresham’s Law - the claim that “bad money drives out good”. Caracalla had the bright idea of introducing the ‘Antoninianus’ - worth two Denarii but containing only 1.5x the silver content (coin #4). As you probably gathered from Gladiator, it was pretty much all down hill after Marcus Aurelius passed (Commodus’ father). If you look closely you can see his name imprinted on the upper right side of the coin. Below you can see the devaluation of Imperial Roman coinage kicked off by Nero in 64 AD.Ĭoin #3 is a Denarius of Commodus. To their credit, Augustus, Tiberius, Caligula and Claudius all eschewed such temptation.Īlas, all good things must come to an end. After the debasement from 4.5g to 3.9g around 200 BC, its purity was left unadulterated, somewhat remarkably, for over 260 years. It was a particularly robust store of value throughout the remainder of the Republic and early stages of the Empire. Weighing in at 4.5 grams with a silver content between 95–98%, the Denarius (literal meaning: “tenner”) served as the backbone of the Roman economy for centuries. A silver lining, so to speak.Įnter the ‘Denarius’ circa 211 BC. ![]() Fortunately, the sacking of Syracuse yielded a loot of silver so large that it effectively financed a huge monetary injection. War armories had an insatiable thirst for bronze, while flaky mercenaries on the outskirts of the Republic proved far more loyal if their salaries were paid in silver. Years of war had put an enormous strain on the Roman treasury. DOI: 10.5281/zenodo.Although the fables are certainly entertaining, the Siege of Syracuse was a crucial victory for the Romans and highly consequential for the course of human history for another reason. Department of Health Economics, Center for Public Health, Medical University of Vienna, Vienna. Suggested citation: Mayer S, Fischer C, Simon J, on behalf of the PECUNIA Group (2019): Standardized costing template for selected costing approaches: health and social care. Note that in line with the PECUNIA care atom, based on the lists of resource use items identified in WPs1-4, it was established that the WP1 costing approaches were not only applicable to services in the health and social care sectors (WP1) but were to be designed to cover services delivered in other sectors. the development of standardized unit cost templates for the health and social care sectors by the Medical University of Vienna (Department of Health Economics, Center for Public Health) until December 2019. This Deliverable 1.4 report presents the activities and results related to the final objective of WP1, i.e. In line with the final objective of WP1, based on the identified services and their descriptions and compatible with the developed RUM instrument (Horizontal Activities 1-3, HAs1-3), standardized costing templates for health and social care services were to be developed in accordance with HA4 (‘Valuation’), corresponding to Deliverable 1.4. Further, a standardized health and social care module for a multi-sectoral service and resource-use measurement (RUM) instrument was to be developed ensuring cross-country comparability and transferability. The first aim of WP1 was to establish harmonised health and social care service lists and and/or resource descriptions for the six participating PECUNIA countries (Austria, Germany, Hungary, the Netherlands, Spain and United Kingdom) for mental disorders. Due to currently lacking internationally comparable measurement and valuation methods for services for mental disorders delivered in the health and social care sectors, Work Package (WP) 1 of the ProgrammE in Costing, resource use measurement and outcome valuation for Use in multi-sectoral National and International health economic evaluAtions ( PECUNIA, 2018-2021) focuses on the development of these methods.
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