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The Nature of Money in Modern Economy – Implications and Consequences, by: Stephen Zarlenga and Robert Poteat --

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  • Masudul Alam Choudhury

    (Professor, Academy of Islamic Studies University of Malaya, Kuala Lumpur, Malaysia)

Abstract

The above-mentioned paper is compactly written on the nature of money from the supply side. Thus, a greater portion of the paper interfaces with the theme of money and bank functions in respect of the roles of the government, the monetary authority, and commercial banks. Although some historical information is provided concerning the traditional way of understanding the nature of money and money creation, much of the paper deals with the current versus the older versions of how money is created. Within all such functions of money on the supply side, the paper also invokes the social function of money; and thus, what can constitute good money as Hayek (1999) refers to the contribution of money to economic sustainability. --

Suggested Citation

  • Masudul Alam Choudhury, 2016. "The Nature of Money in Modern Economy – Implications and Consequences, by: Stephen Zarlenga and Robert Poteat --," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 29(2), pages 101-109, July.
    • Handle: RePEc:abd:kauiea:v:29:y:2016:i:2:no:8:p:101-109
    DOI: 10.4197/Islec.29-2.8
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    References listed on IDEAS

    as
    1. Leland B. Yeager, 1983. "Stable Money and Free-Market Currencies," Cato Journal, Cato Journal, Cato Institute, vol. 3(1), pages 305-333, Spring.
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