The first doctrine favors what it calls “sound money,” defined as money that has a purchasing power determined by markets, independent of governments and political parties. A true gold standard is one example of money that has an intrinsic value determined by markets rather than governments.

The second doctrine favors what it calls “stable money,” originally defined as money that is managed so its value does not change, but more recently redefined as money that is managed so its value changes at some fixed, predictable rate.

Robert Breedlove: I’ve narrowed it down to five and I think each of these have a relevant subsets. So the first money has to be divisible, durable, recognizable, portable, and scarce. These are the properties that people, market participants naturally select for and money. So the visibility simply means that a money can transact at varying scales. Meaning that you can subdivide and recombine the monetary medium at various scales. This is why we have coinage and things like that bills we’ve used historically. Durability means that the money will persist over time. So you know that it won’t rot. So for instance, fruit would be a pretty terrible form of money. It’s not durable over time. Whereas, something like a monetary metal like gold is. It’s highly durable over time, it’s noncorrosive. You know, you can park a value in it and expect it to remain physically constant over time. Portability means you can move the money easily across space.