What do we call money? An appraisal of the money-or-nonmoney view

Cristian Frasser and Gabriel Guzmán

MPRA Paper from University Library of Munich, Germany

Abstract: Part of the debate fueled by cryptocurrencies has revolved around the question of what we call money. This paper identifies two traditions in monetary theory that have tried to answer that question. On the one hand, the money-or-nonmoney view follows a strategy proposed by a version of philosophical essentialism in which there is a set of defining characteristics of money that make it categorically different from other things used in transactions. On the other hand, the liquidity degree view emphasizesthat the multiple objects that circulate as a means of payment differ in their degree of acceptability. Since there is not an absolute standard of liquidity, a precise dividing line between money and nonmoney cannot be drawn. We challenge the money-or-nonmoney view, arguing that there is nothing in the nature of money that can be interpreted as a natural kind essence by which money can be categorically separated from nonmoney.

Keywords: liquidity; money; essentialism; essences (search for similar items in EconPapers)
JEL-codes: B00 B41 E49 (search for similar items in EconPapers)
Date: 2020-12-31
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Citations: View citations in EconPapers (1)

Published in Journal of Institutional Economics 16 (2020): pp. 25-40

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Journal Article: What do we call money? An appraisal of the money or non-money view (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:117909

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