Entity: GOLD-STANDARD
The term 'gold standard' refers to a monetary system where the basic unit of currency is defined by a specific quantity of gold, and is also used colloquially to denote the best or most prestigious example of something.
GOLD STANDARD
Etymology
The term 'gold standard' originated from its use in statistics and other fields to denote the best available benchmark. It has since evolved to refer to the best or most prestigious example of something.
Definition
A 'gold standard' is a monetary system where the basic unit of currency is defined by a specific quantity of gold. It is also used colloquially to denote the best, most reliable, or most prestigious example of something.
Historical Context
The gold standard was widely used in the 19th and early 20th centuries, where currencies were directly linked to gold reserves. The system was eventually abandoned by most countries in the 20th century.
Cultural Significance
The term 'gold standard' has transcended its original monetary context and is now used in various fields to denote excellence or the highest standard. It is often used to describe the best or most prestigious example of a particular category.
Related Concepts
- Silver standard
- Platinum standard
- Benchmarking
See Also
A benchmark or ideal that is considered the best, most reliable, or most prestigious of its kind.