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Money (for New Palgrave Money and Finance)

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Abstract

Among the conventions of almost every human society of historical record has been the use of money, i.e., particular commodities or tokens as measures of value and media of exchange in economic transactions. Somehow the members of a society agree on what will be acceptable tender in making payments and settling debts among themselves. General agreement to the convention, not the particular media agreed upon, is the source of money's immense value to the society. In this respect money is similar to language, standard time, or the convention designating the side of the road for passing. This paper reviews the history of various forms of money, the functions of money, and the role of money in economic theory.

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File URL: http://cowles.econ.yale.edu/P/cd/d10a/d1013.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1013.

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Length: 33 pages
Date of creation: Mar 1992
Date of revision:
Publication status: Published in Peter Newman, Murray Milgate and John Eatwell, eds., The New Palgrave Dictionary of Money and Finance, 1992, PP. 770-779
Handle: RePEc:cwl:cwldpp:1013

Note: CFP 826.
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Keywords: Macroeconomics; classical dichotomy; quantity theory;

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  1. Tobin, James, 1975. "Keynesian Models of Recession and Depression," American Economic Review, American Economic Association, vol. 65(2), pages 195-202, May.
  2. Robert Mundell, 1963. "Inflation and Real Interest," Journal of Political Economy, University of Chicago Press, vol. 71, pages 280.
  3. Dudley Dillard, 1988. "The Barter Illusion in Classical and Neoclassical Economics," Eastern Economic Journal, Eastern Economic Association, vol. 14(4), pages 299-318, Oct-Dec.
  4. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
  5. Baumol, William J & Tobin, James, 1989. "The Optimal Cash Balance Proposition: Maurice Allais' Priority," Journal of Economic Literature, American Economic Association, vol. 27(3), pages 1160-62, September.
  6. Robert E. Hall, 1982. "Explorations in the Gold Standard and Related Policies for Stabilizing the Dollar," NBER Chapters, in: Inflation: Causes and Effects, pages 111-122 National Bureau of Economic Research, Inc.
  7. Edward C. Prescott, 1986. "Theory ahead of business cycle measurement," Staff Report 102, Federal Reserve Bank of Minneapolis.
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