When new supply is insignificant compared to existing supply, the market value of a form of money is determined through people's willingness to hold money and their desire to spend it. Such factors will vary significantly with time for each individual, as individuals' personal circumstances go from periods where they prioritize holding a lot of money to periods of holding less. But in the aggregate, they will vary slightly for society as a whole, because money is the market good with the least diminishing marginal utility. One of the fundamental laws of economics is the law of diminishing
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