In this post, we ask the question "What is money?". Mike King, in a series of posts beginning with "1. Defining "money"", starts us off along one path. To him, money is an IOU and the market has an obligation to those owning IOUs because these owners have done prior work.
Our analysis takes us in a different direction. Money is not an IOU, it's more like a ticket. This analogy makes sense because ownership of a ticket entitles the owner to privileges equal to those enjoyed by all other owners of similar tickets.
Now we need to justify this argument:
