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Legal Tender

Author

Listed:
  • Dror Goldberg

    () (Department of Economics, Bar Ilan University)

Abstract

The 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.

Suggested Citation

  • Dror Goldberg, 2009. "Legal Tender," Working Papers 2009-4, Bar-Ilan University, Department of Economics.
  • Handle: RePEc:biu:wpaper:2009-4
    as

    Download full text from publisher

    File URL: http://www.biu.ac.il/soc/ec/wp/2009-04.pdf
    File Function: Working paper
    Download Restriction: no

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. What is legal tender
      by Economic Logician in Economic Logic on 2010-04-16 19:42:00
    2. Weekly Roundup: #74 -The Smartest Linkfest On The Web!
      by Miguel in Simoleon Sense on 2010-04-19 00:47:02

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    Cited by:

    1. Beat Weber, 2013. "Ordoliberale Geldreform als Antwort auf die Krise?: Bitcoin und Vollgeld im Vergleich," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 82(4), pages 73-88.

    More about this item

    Keywords

    Legal tender; Contract law; Taxes;

    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

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    1. Economic Logic blog

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