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Money: Capital Good, Consumers’ Good, or (Media of) Exchange Good?

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  • William Barnett
  • Walter Block

Abstract

Is money a producers’ good or a capital good, or is it sui generus, as Mises, Rothbard, and other Austrians have maintained? We argue that all action is either consumption or production, and that exchange is but a form of production. Consequently, all goods are either consumers’ goods or producers’ goods; there is no third possibility. And that among these two money is a producers’ good, not a consumer good. Copyright Springer Science + Business Media, Inc. 2005

Suggested Citation

  • William Barnett & Walter Block, 2005. "Money: Capital Good, Consumers’ Good, or (Media of) Exchange Good?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 18(2), pages 179-194, June.
    • Handle: RePEc:kap:revaec:v:18:y:2005:i:2:p:179-194
    DOI: 10.1007/s11138-005-6826-1
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    References listed on IDEAS

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    1. Selgin, George & White, Lawrence H, 1996. "In Defense of Fiduciary Media--Or, We Are Not Devo(lutionists), We Are Misesians!," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 9(2), pages 83-107.
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    Cited by:

    1. Philipp Bagus & David Howden, 2012. "The Continuing Continuum Problem of Deposits and Loans," Journal of Business Ethics, Springer, vol. 106(3), pages 295-300, March.
    2. Bagus, Philipp & Howden, David, 2012. "The Continuing Continuum Problem and Future Goods," MPRA Paper 79595, University Library of Munich, Germany.

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