It also demonstrated that oil is a fungible commodity.

A step after that is a project on fungible computers.

Oil is a fungible commodity, and markets clear at a common price.

In a nutshell, if gas is exported in liquid form, it is fungible.

It can be bought and sold, to some extent, but it cannot be traded to third parties, and it is not entirely fungible.

So I challenged the audience to consider the following For much of human history, there was no economy based on trade and fungible goods.

In the past, risks with volatility of similar statistical magnitudes were considered to be fungible, and,could flow to whomever was prepared to bear them.

Oil provides somewhat less economic power than gas because it is a fungible commodity, and interruptions of supply can be made up by purchases on world markets.

But attention is neither a currency nor a commodity. It can be bought and sold, to some extent, but it cannot be traded to third parties, and it is not entirely fungible.

The US may be less vulnerable in the long run if it imports less energy, but oil is a fungible commodity, and the US economy will remain sensitive to shocks from sudden changes in world prices.

Ironically, had they bought Apple shares, rather than a commodity (no matter how fungible, liquid, and investible it is), their purchases would have been treated as a foreign investment rather than as imports that add to the external deficit.

(d) As regards the discussion on harmonization and similar administrative and financial issues, CEB members point out that, in many cases, extrabudgetary resources are not fungible among the different organizations of the system and are earmarked for precise purposes by donors.

However, non fungible budgets, procurement rules and financial regulations governing the management of UN resources as well as the management of resources of other providers of trade related assistance, including international loans, raise practical and legal obstacles in this regard.

Instead of producing food or housing for ourselves or for barter, we will be producing content and amusement for one another, without engaging in explicit (taxable) financial exchange. Yes, there is a so called gift economy, but there is also an attention market that may not be fungible or priced a distributed, many to many economy that harks back to the old days.