Money and the Real World

Louise Davidson

Chapter 7 in Money and Employment, 1990, pp 116-131 from Palgrave Macmillan

Abstract: Abstract ‘Money,’ Hicks has declared, ‘is defined by its functions … “money is what money does,’” (1967, p. 1). Harrod notes that ‘Money is a social phenomenon, and many of its current features depend on what people think it is or ought to be’ (1969, p. x). ‘Money,’ Scitovsky adds, ‘is a difficult concept to define, partly because it fulfils not one but three functions, each of them providing a criterion of moneyness … those of a unit of account, a medium of exchange, and a store of value’ (1969, p. 1).

Keywords: Debt Contract; Private Debt; Monetary Theory; Fractional Reserve Banking; Offer Contract (search for similar items in EconPapers)
Date: 1990
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DOI: 10.1007/978-1-349-11513-6_8

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