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For other uses, see Money (disambiguation).
Various denominations of currency, one form of money.
Various denominations of currency, one form of money. A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is

Money is anything that is generally accepted as payment for goods and services and repayment of debts. A payment is the transfer of wealth from one party (such as a person or company to another In Economics, economic output is divided into physical goods and intangible services. Debt is that which is owed usually referencing Assets owed but the term can cover other obligations [1] The main uses of money are as a medium of exchange, a unit of account, and a store of value. An economic transaction or Trade involves the voluntary exchange of goods and services between two or more entities A unit of account is a standard monetary unit of measurement of the market value/cost of goods services or assets To act as a store of value, a Commodity, a form of Money, or Financial capital must be able to be reliably saved stored and retrieved - and be predictably [2] Some authors explicitly require money to be a standard of deferred payment. A standard of deferred payment is the accepted way in a given Market, to settle a Debt. [3]

Money includes both currency, particularly the many circulating currencies with legal tender status, and various forms of financial deposit accounts, such as demand deposits, savings accounts, and certificates of deposit. A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is Wikipedia talkFeatured lists for an explanation of this and other inclusion tags below -->This list of circulating currencies contains the 182 current Legal tender or forced tender is Payment that by Law, cannot be refused in settlement of a Debt ( Debtor cannot successfully be sued In modern economies, currency is the smallest component of the money supply. In Economics, money supply, or money stock, is the total amount of money available in an Economy at a particular point in time

Money is not the same as real value, the latter being the basic element in economics. The distinction between real versus nominal value occurs in many fields Money is central to the study of economics and forms its most cogent link to finance. Economics is the social science that studies the production distribution, and consumption of goods and services. The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated The absence of money causes a market economy to be inefficient because it requires a coincidence of wants between traders, and an agreement that these needs are of equal value, before a barter exchange can occur. A market economy is a realized Social system based on the Division of labour in which the prices of Goods and Services are determined in a The coincidence of wants problem (often " double coincidence of wants" is an important category of Transaction costs that impose severe limitations on economies Barter is a type of Trade in which goods or services are directly exchanged The use of money is thought to encourage trade and the division of labour. Division of labour or specialization is the specialization of cooperative labour in specific circumscribed tasks and roles intended to increase the Productivity

Contents

Economic characteristics

Money is generally considered to have the following characteristics, which are summed up in a rhyme found in older economics textbooks: "Money is a matter of functions four, a medium, a measure, a standard, a store. " That is, money functions as a medium of exchange, a unit of account, and a store of value. An economic transaction or Trade involves the voluntary exchange of goods and services between two or more entities A unit of account is a standard monetary unit of measurement of the market value/cost of goods services or assets To act as a store of value, a Commodity, a form of Money, or Financial capital must be able to be reliably saved stored and retrieved - and be predictably [2][4][5]

There have been many historical arguments regarding the combination of money's functions, some arguing that they need more separation and that a single unit is insufficient to deal with them all. One of these arguments is that the role of money as a medium of exchange is in conflict with its role as a store of value: its role as a store of value requires holding it without spending, whereas its role as a medium of exchange requires it to circulate. An economic transaction or Trade involves the voluntary exchange of goods and services between two or more entities To act as a store of value, a Commodity, a form of Money, or Financial capital must be able to be reliably saved stored and retrieved - and be predictably [5] 'Financial capital' is a more general and inclusive term for all liquid instruments, whether or not they are a uniformly recognized tender.

Medium of exchange

Main article: Medium of exchange

Money is used as an intermediary for trade, in order to avoid the inefficiencies of a barter system, which are sometimes referred to as the 'double coincidence of wants problem'. An economic transaction or Trade involves the voluntary exchange of goods and services between two or more entities The coincidence of wants problem (often " double coincidence of wants" is an important category of Transaction costs that impose severe limitations on economies Such usage is termed a medium of exchange.

Unit of account

Main article: Unit of account

A unit of account is a standard numerical unit of measurement of the market value of goods, services, and other transactions. A unit of account is a standard monetary unit of measurement of the market value/cost of goods services or assets Also known as a "measure" or "standard" of relative worth and deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt.

Store of value

Main article: Store of value

To act as a store of value, a commodity, a form of money, or financial capital must be able to be reliably saved, stored, and retrieved — and be predictably useful when it is so retrieved. To act as a store of value, a Commodity, a form of Money, or Financial capital must be able to be reliably saved stored and retrieved - and be predictably Financial capital is money used by Entrepreneurs and Businesses to buy what they need to make their products or provide their services Fiat currency like paper or electronic currency no longer backed by gold in most countries is not considered by some economists to be a store of value.

Market liquidity

Main article: Market liquidity

Liquidity describes how easily an item can be traded for another item, or into the common currency within an economy. Market liquidity is a Business, Economics or Investment term that refers to an Asset 's ability to be easily converted through an act of buying Money is the most liquid asset because it is universally recognised and accepted as the common currency. In this way, money gives consumers the freedom to trade goods and services easily without having to barter.

Liquid financial instruments are easily tradable and have low transaction costs. A tradable good or service can be sold in another location distant from where it was produced In Economics and related disciplines a transaction cost is a Cost incurred in making an economic exchange There should be no — or minimal — spread between the prices to buy and sell the instrument being used as money. The bid/offer spread (also known as bid/ask spread) for assets (such as Stock, Futures contracts options, or Currency pairs is

Types of money

In economics, money is a broad term that refers to any instrument that can be used in the resolution of debt. However, different types of money have different economic strengths and liabilities. Theoretician Ludwig von Mises made that point in his book The Theory of Money and Credit, and he argued for the importance of distinguishing among three types of money: commodity money, fiat money, and credit money. Ludwig Heinrich Edler von Mises (ˈluːtvɪç fɔn ˈmiːzəs ( September 29, 1881 – October 10, 1973) was an Austrian The Theory of Money and Credit is an economics book written by Ludwig von Mises, originally published in German as Theorie des Geldes und der Umlaufsmittel Modern monetary theory also distinguishes among different types of money, using a categorization system that focuses on the liquidity of money.

Commodity money

Main article: Commodity money

Commodity money is any money whose value comes from the commodity out of which it is made. Commodity money is Money whose value comes from a Commodity out of which it is made The commodity itself constitutes the money, and the money is the commodity. [6] Examples of commodities that have been used as mediums of exchange include gold, silver, copper, salt, peppercorns, large stones, decorated belts, shells, alcohol, cigarettes, cannabis, and candy. Gold (ˈɡoʊld is a Chemical element with the symbol Au (from its Latin name aurum) and Atomic number 79 Silver (ˈsɪlvɚ is a Chemical element with the symbol " Ag " (argentum from the Ancient Greek: ἀργήντος - argēntos gen Copper (ˈkɒpɚ is a Chemical element with the symbol Cu (cuprum and Atomic number 29 Since payment by commodity generally provides a useful good, commodity money is similar to barter, but is distinct because commodity money uses a single recognized unit of exchange.

Representative money

Main article: Representative money

Representative money is money that consists of token coins, other physical tokens such as certificates, and even non-physical "digital certificates" (authenticated digital transactions) that can be reliably exchanged for a fixed quantity of a commodity such as gold, silver or potentially water, oil or food. Representative money refers to Money that consists of Token coins other physical tokens such as certificates and even non-physical "digital certificates" Representative money refers to Money that consists of Token coins other physical tokens such as certificates and even non-physical "digital certificates" In the study of Numismatics, token coins or tokens are coin-like objects used instead of Coins The field of tokens is part of Exonumia. Gold (ˈɡoʊld is a Chemical element with the symbol Au (from its Latin name aurum) and Atomic number 79 Silver (ˈsɪlvɚ is a Chemical element with the symbol " Ag " (argentum from the Ancient Greek: ἀργήντος - argēntos gen Water is a common Chemical substance that is essential for the survival of all known forms of Life. Petroleum ( L petroleum, from Greek πετρέλαιον, lit Food is any substance usually composed primarily of Carbohydrates Fats water and/or Proteins that can be eaten or drunk by an Representative money thus stands in direct and fixed relation to the commodity which backs it, while not itself being composed of that commodity.

Banknotes from all around the world donated by visitors to the British Museum, London.
Banknotes from all around the world donated by visitors to the British Museum, London. The British Museum is a Museum of human history and culture in London.

Credit money

Main article: Credit money

Credit money is any claim against a physical or legal person that can be used for the purchase of goods and services. Credit money is any future claim against a physical or legal person that can be used for the purchase of goods and services Credit money is any future claim against a physical or legal person that can be used for the purchase of goods and services [6] Credit money differs from commodity and fiat money in two ways: It is not payable on demand (although in the case of fiat money, "demand payment" is a purely symbolic act since all that can be demanded is other types of fiat currency) and there is some element of risk that the real value upon fulfillment of the claim will not be equal to real value expected at the time of purchase. The distinction between real versus nominal value occurs in many fields [6]

This risk comes about in two ways and affects both buyer and seller.

First it is a claim and the claimant may default (not pay). High levels of default have destructive supply side effects. If manufacturers and service providers do not receive payment for the goods they produce, they will not have the resources to buy the labor and materials needed to produce new goods and services. This reduces supply, increases prices and raises unemployment, possibly triggering a period of stagflation. In extreme cases, widespread defaults can cause a lack of confidence in lending institutions and lead to economic depression. A recession is a contraction phase of the Business cycle. The U For example, abuse of credit arrangements is considered one of the significant causes of the Great Depression of the 1930s. [7]

The second source of risk is time. Credit money is a promise of future payment. If the interest rate on the claim fails to compensate for the combined impact of the inflation (or deflation) rate and the time value of money, the seller will receive less real value than anticipated. In Economics, the inflation rate is a measure of Inflation, the rate of increase of a Price index (for example a Consumer price index) Deflation is the opposite of Inflation. Therefore under the usual contemporary definition of inflation 'deflation' means a decrease in the general price level. The time value of money is based on the premise that an Investor prefers to receive a payment of a fixed amount of money today rather than an equal amount in the future If the interest rate on the claim overcompensates, the buyer will pay more than expected.

Over the last two centuries, credit money has steadily risen as the main source of money creation, progressively replacing first commodity and then representative money. In many cases credit money has been converted to fiat money (see below), as governments have backed certain private credit instruments (first banknotes from central banks, then later certain types of deposits to banks), thus converting central banknotes to legal tender, and other types of notes (deposit certificates of less than a certain value) to a status not very different from fiat money, since they are backed by the power of the central government to redeem eventually with tax collection.

A particular problem with credit money is that its supply moves in line with the business cycle. The term business cycle or economic cycle refers to the fluctuations of economic activity during its long term growth trend When lenders are optimistic, notably when the debt level is low, they increase their lending activity which creates new money. This may also trigger inflation and bull markets. In Investing, Financial markets are commonly believed to have market trends that can be classified as primary trends secondary trends (short-term and secular trends When creditors are pessimistic (for instance, when debt level is perceived as too high, or unwise lending activity in the past has resulted in situations where defaults are expected to follow), then creditors reduce their lending activity and money becomes "tight" or "illiquid. " Bear markets, characterized by bankruptcies and market recessions, then follow. In Investing, Financial markets are commonly believed to have market trends that can be classified as primary trends secondary trends (short-term and secular trends

Fiat money

Main article: Fiat money

Fiat money is any money whose value is determined by legal means, rather than the strict availability of goods and services which are named on the representative note. The terms fiat currency and fiat money relate to types of currency or Money whose usefulness results not from any intrinsic value or guarantee that it can be

Fiat money is created when a type of credit money (typically notes from a central bank, such as the Federal Reserve System in the U. S. ) is declared by a government act (fiat) to be acceptable and officially-recognized payment for all debts, both public and private. Fiat money may thus be symbolic of a commodity or a government promise, though not a completely specified amount of either of these. Fiat money is thus not technically fungible or tradable directly for fixed quantities of anything, except more of the same government's fiat money. Fiat moneys usually trade against each other in value in an international market, as with other goods. An exception to this is when currencies are locked to each other, as explained below. Many but not all fiat moneys are accepted on the international market as having value. Those that are trade indirectly against any internationally available goods and services [6]. Thus the number of U.S. dollars or Japanese yen which are equivalent to each other, or to a gram of gold metal, are all market decisions which change from moment to moment on a daily basis. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Occasionally, a country will peg the value of its fiat money to that of the fiat money of a larger economy: for example the Belize dollar trades in fixed proportion (at 2:1) to the U. The dollar ( Currency code BZD) has been the Currency of Belize since 1885 S. dollar, so there is no floating value ratio of the two currencies.

Representative, credit, and fiat money all provide solutions to several limitations of commodity money. Depending on the laws, there may be little or no need to physically transport the money — an electronic exchange may be sufficient. Other types of moneys have as their sole use to be medium of exchange, so their supply is not limited by competing alternate uses. Credit and fiat monies can be created without limit in theory, so there is no limit on trade volumes.

Fiat money, if physically represented in the form of currency (paper or coins) can be easily damaged or destroyed. However, here fiat money has an advantage over representative or commodity money, in that the same laws that created the money can also define rules for its replacement in case of damage or destruction. For example, the U. S. government will replace mutilated federal reserve notes (U. S. fiat money) if at least half of the physical note can be reconstructed, or if it can be otherwise proven to have been destroyed. [8]. By contrast, commodity money which has been destroyed or lost is gone.

Paper currency is especially vulnerable to everyday hazards: from fire, water, termites, and simple wear and tear. Currency in the form of minted coins is more durable but a significant portion is simply lost in everyday use. In order to reduce replacement costs, many countries are converting to plastic currency. For example, Mexico has changed its twenty and fifty peso notes, Singapore its $2, $5, $10 and $50 bills, Malaysia with RM5 bill, and Australia and New Zealand their $5, $10, $20, $50 and $100 to plastic, both for the increased durability and because plastic may be easily specifically constructed for each denomination, thus making it impossible for counterfeiters to "lift" or raise the value of a bill by using the material of a bill of lesser value as a primary source to make a counterfeit note of higher value.

Some of the benefits of fiat money can be a double-edged sword. For example, if the amount of money in active circulation outstrips the available goods and services for sale, the effect can be inflationary. This can easily happen if governments print money without attention to the level of economic activity, or if successful counterfeiters flourish.

A criticism of credit and fiat moneys relates to the fact that their stabilities are highly dependent on the stability of the legal system backing the currency: should the legal system fail, so will the value of any type of money that depends on it. However, this situation is typical of the maintenance of the value of any promisory note system: if a guarantor creates money or wealth by means of any legal promise to provide goods or services in the future (as is the case with both credit and fiat type moneys), then any failure of a legal system which backs up the rights of the debt-holder to collect on the promise, will act to jeopardize the value of future promises.

Money supply

Main article: Money supply

The money supply is the amount of money within a specific economy available for purchasing goods or services. In Economics, money supply, or money stock, is the total amount of money available in an Economy at a particular point in time The supply in the US is usually considered as four escalating categories M0, M1, M2 and M3. The categories grow in size with M3 representing all forms of money (including credit) and M0 being just base money (coins, bills, and central bank deposits). M0 is also money that can satisfy private banks' reserve requirements. In the US, the Federal Reserve is responsible for controlling the money supply, while in the Euro area the respective institution is the European Central Bank. Euro Enlargement of the The European Central Bank (ECB is one of the world's most important Central banks responsible for Monetary policy covering the 15 member countries of the Other central banks with significant impact on global finances are the Bank of Japan, People's Bank of China and the Bank of England. is the Central bank of Japan. History Like most modern Japanese institutions the Bank of Japan was born after the Meiji Restoration. The People's Bank of China ( PBC or PBOC) ( is the Central bank of the People's Republic of China (not to be confused with the Bank The Bank of England (formally the Governor and Company of the Bank of England) is a state-owned institution and the Central bank of the United Kingdom

When gold is used as money, the money supply can grow in either of two ways. First, the money supply can increase as the amount of gold increases by new gold mining at about 2% per year, but it can also increase more during periods of gold rushes and discoveries, such as when Columbus discovered the new world and brought gold back to Spain, or when gold was discovered in California in 1848. This kind of increase helps debtors, and causes inflation, as the value of gold goes down. Second, the money supply can increase when the value of gold goes up. This kind of increase in the value of gold helps savers and creditors and is called deflation, where items for sale are less expensive in terms of gold. Deflation was the more typical situation for over a century when gold and credit money backed by gold were used as money in the US from 1792 to 1913. A century (from the Latin centum, meaning one hundred is One hundred consecutive Years Centuries are numbered ordinally (e

Monetary policy

Main article: Monetary policy

Monetary policy is the process by which a government, central bank, or monetary authority manages the money supply to achieve specific goals. Monetary policy is the process by which the Government, Central bank, or monetary authority of a country controls (i the Supply of Money, For the government of parliamentary systems see Executive (government. In Economics, money supply, or money stock, is the total amount of money available in an Economy at a particular point in time Usually the goal of monetary policy is to accommodate economic growth in an environment of stable prices. For example, it is clearly stated in the Federal Reserve Act that the Board of Governors and the Federal Open Market Committee should seek “to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates. The Federal Reserve Act (ch 6, Enacted December 23 1913) is the act of Congress that created the Federal Reserve System, the central banking system of the United A board of governors is usually the governing board of a public entity The Federal Open Market Committee (FOMC a component of the Federal Reserve System, is charged under U ”[9]

A failed monetary policy can have significant detrimental effects on an economy and the society that depends on it. These include hyperinflation, stagflation, recession, high unemployment, shortages of imported goods, inability to export goods, and even total monetary collapse and the adoption of a much less efficient barter economy. Certain figures in this article use Scientific notation for readability Stagflation is an economic situation in which Inflation and Economic stagnation occur simultaneously and remain unchecked for a period of time A recession is a contraction phase of the Business cycle. The U Unemployment occurs when a person is available to work and currently seeking work but the person is without work. This happened in Russia, for instance, after the fall of the Soviet Union. The Soviet Union 's collapse into independent nations began early in 1985

Governments and central banks have taken both regulatory and free market approaches to monetary policy. Some of the tools used to control the money supply include:

For many years much of monetary policy was influenced by an economic theory known as monetarism. Interest is a fee paid on borrowed capital Assets lent include Money, Shares, Consumer goods through Hire purchase, major assets In Finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how Monetarism is an economic theory which argues that management of the money supply should be the primary means of regulating economic activity. Monetarism is a school of economic thought concerning the determination of national income and monetary Economics. The stability of the demand for money prior to the 1980s was a key finding of Milton Friedman and Anna Schwartz[10] supported by the work of David Laidler[11], and many others. Milton Friedman (July 31 1912 November 16 2006 was an American Nobel Laureate Economist and Public intellectual. Anna Jacobson Schwartz (1915 is an Economist at the National Bureau of Economic Research in New York City. David Ernest William Laidler (born 12 August, 1938) has been one of the foremost scholars of Monetarism.

The nature of the demand for money changed during the 1980s owing to technical, institutional, and legal factors and the influence of monetarism has since decreased.

History of money

Main article: History of money

According to some fables, inventors of money were Demodike (or Hermodike) of Kymi (the wife of Midas), Lykos (son of Pandion II and ancestor of the Lycians) and Erichthonius, the Lydians or the Naxians. The history of money is a story spanning thousands of years Related to this Numismatics is the scientific study of Money and its History in all its varied In Greek mythology, Midas or King Midas (in Greek Μίδας is popularly remembered for his ability to turn everything he touched into Gold In Greek mythology, Pandion II (Πανδίων Β' was son and heir of Cecrops II, King of Athens. "Sidyma" redirects here For the Moth Genus named thus see Sidyma (moth. King Erichthonius (also written Erichthonios, Ancient Greek:) an early ruler of Athens, was according to some legends, autochthonous Defining Lydia Aside from a legend related by Herodotus, who states that the name Lydia came from king Lydus at the time of the fall of Troy Naxos (in Greek, Νάξος) is a Greek island the largest island ( in the Cyclades island group in the Aegean. However, the use of proto-money may date back to at least 100,000 years ago, and the use of precious metals as money dates back at least 6000 years. The use of gold as money has been traced back to the fourth millennium B. C. when the Egyptians used gold bars of a set weight as a medium of exchange, as the Sumerians had done somewhat earlier with silver bars. Coins or at least minted tokens of a fixed value first appear in the 7th century BC in Greece. The first banknotes was used in China in the 7th century, and the first in Europe was issued by Stockholms Banco in 1661. A banknote (often known as a bill, paper money or simply a note) is a kind of Negotiable instrument, a Promissory note made by a Stockholms Banco (also known as the Bank of Palmstruch or Palmstruch Bank) in Sweden was the first European bank to print Banknotes The bank

See also

References

  1. ^ Mishkin, Frederic S. (2007). Economics is the social science that studies the production distribution, and consumption of goods and services. A coin of account is a unit of Money that does not exist as an actual Coin (that is a metal disk but is used in figuring prices or other amounts of money A counterfeit is an imitation that is made usually with the intent to deceptively represent its content or origins A counterfeit is an imitation that is made usually with the intent to deceptively represent its content or origins Credit money is any future claim against a physical or legal person that can be used for the purchase of goods and services The foreign exchange ( currency or forex or FX) market refers to the market for currencies. Electronic money (also known as e-money, electronic cash, electronic currency, digital money, digital cash or digital currency In the Foreign exchange market and International finance, a world currency or global currency refers to a Currency in which the vast majority Fractional-reserve banking is the banking practice in which Banks keep only a fraction of the value of their Bank notes and demand deposits in reserve Full-reserve banking is the Banking practice in which the full amount of each depositor's funds are available in reserve at the bank when each depositor Labour vouchers (also known as labour cheques, labour certificates, and labour-time vouchers) are a device proposed to govern Demand for Local Exchange Trading Systems (LETS also known as LETSystems are local non-profit exchange networks in which goods and services can be traded without the need for printed Numismatics (numisma nomisma "coin" from the νομίζειν nomízein, "to use according to law" is the study or collection of Currency Seigniorage (ˈseɪnjərɪdʒ '''''sei'''nY'Ridj'') also spelled seignorage or seigneurage, is the net Revenue derived from the issuing of A standard of deferred payment is the accepted way in a given Market, to settle a Debt. Frederic Stanley "Ric" Mishkin (born January 11 1951) is an American Economist and academic at the Columbia Business School The Economics of Money, Banking, and Financial Markets (Alternate Edition). Boston: Addison Wesley, 8. ISBN 0-321-42177-9.  
  2. ^ a b Mankiw, N. Gregory (2007). Nicholas Gregory "Greg" Mankiw (mæŋˈkjuː (born February 3, 1958) is an American macroeconomist. Macroeconomics, 6th, New York: Worth Publishers. ISBN 0-7167-6213-7.  
  3. ^ amosweb.com
  4. ^ Krugman, Paul & Wells, Robin, Economics, Worth Publishers, New York (2006)
  5. ^ a b T. H. Greco. Money: understanding and creating alternatives to legal tender, White River Junction, Vt: Chelsea Green Publishing (2001).
  6. ^ a b c d Mises, Ludwig von. The Theory of Money and Credit. The Theory of Money and Credit is an economics book written by Ludwig von Mises, originally published in German as Theorie des Geldes und der Umlaufsmittel Indianapolis, IN: Liberty Fund, Inc. . 1981, trans. H. E. Batson, 1981. [Online] available from http://www.econlib.org/library/mises/msT1.html; accessed 9 May 2007; Internet. [http://www.econlib.org/library/mises/msT1.html#Part%20I,Ch.3 Chapter I, section 3, paragraph 25.
  7. ^ Barry Eichengreen and Kris Mitchener. The Great Depression as a Credit Boom Gone Wrong. Last accessed 2007-05-08.
  8. ^ Shredded and mutilated. Bureau of engraving and printing. Last accessed 2007-05-09
  9. ^ The Federal Reserve. 'Monetary Policy and the Economy". Board of Governors of the Federal Reserve System, (2005-07-05). Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 1295 - Scotland and France form an alliance the beginnings of the Auld Alliance, against England. Retrieved 2007-05-15. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1252 - Pope Innocent IV issues the Papal bull Ad exstirpanda, which authorizes but also limits the
  10. ^ Milton Friedman, Anna Jacobson Schwartz, (1971). Monetary History of the United States, 1867–1960. Princeton, N. J: Princeton University Press. ISBN 0-691-00354-8.  
  11. ^ David Laidler,. Money and Macroeconomics: The Selected Essays of David Laidler (Economists of the Twentieth Century). Edward Elgar Publishing. ISBN 1-85898-596-X.  

External links

Dictionary

money

-noun

  1. A legally or socially binding conceptual contract of entitlement to wealth, void of intrinsic value, payable for all debts and taxes, and regulated in supply.
  2. A generally accepted means of exchange and measure of value.
  3. A currency maintained by a state or other entity which can guarantee its value (such as a monetary union).
  4. Hard cash in the form of banknotes and coins, as opposed to cheques/checks. credit cards, or credit more generally.
  5. The total value of liquid assets available for an individual or other economic unit, such as cash and bank deposits.
  6. Wealth
  7. An item of value between two parties used for the exchange of goods or services.
  8. A person who funds an operation.
  9. (as a modifier) Of or pertaining to money; monetary.
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