The Essential Properties of Money

M. L. Burstein

Chapter 1 in Modern Monetary Theory, 1986, pp 3-15 from Palgrave Macmillan

Abstract: Abstract Everyone knows that indirect exchange is more productive than barter — see, for example, Clower (1967), Niehans (1978) and Ostroy (1973). But it is not widely understood that indirect exchange, while entailing money of account, does not entail a unique dedicated substance, money. Monetary functions are ontologically distinct from things that may be called money.

Keywords: Money Supply; Essential Property; Credit Union; Liquid Asset; Legal Tender (search for similar items in EconPapers)
Date: 1986
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DOI: 10.1007/978-1-349-18070-7_1

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