AbstractThe legal foundation of the monetary system is the law of legal tender. The “legal tender” concept is used in models to describe almost anything except for what it really means in actual laws. Such errors prevent an accurate evaluation of the importance of this legal status. This note explains in simple terms what “legal tender” really means.
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Bibliographic InfoPaper provided by Bar-Ilan University, Department of Economics in its series Working Papers with number 2009-4.
Date of creation: Apr 2009
Date of revision:
Contact details of provider:
Postal: Faculty of Social Sciences, Bar Ilan University 52900 Ramat-Gan
Phone: Phone: +972-3-5318345
Web page: http://www.biu.ac.il/soc/ec
More information through EDIRC
Legal tender; Contract law; Taxes;
Find related papers by JEL classification:
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-03-20 (All new papers)
- NEP-MAC-2010-03-20 (Macroeconomics)
- NEP-MON-2010-03-20 (Monetary Economics)
You can help add them by filling out this form.
Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- What is legal tender
by Economic Logician in Economic Logic on 2010-04-16 14:42:00
- Weekly Roundup: #74 -The Smartest Linkfest On The Web!
by Miguel in Simoleon Sense on 2010-04-18 19:47:02
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