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On The Historical Validity Of Nominal Money As A Measure Of Organizational Performance: Some Evidence And Logical Analysis

Listed author(s):
  • stanley c. w. salvary

    (Canisius College)

In the literature, nominal money has been decried as a reliable measure. However, before condemning money as a defective measure, it is necessary to examine in a historical context the nature and the role of money in a money economic system, and the changes over time in the types of money (commodity money versus paper money). Using historical evidence and logical analysis, this paper attempts to establish the validity of nominal money as a valid device for the measurement of organizational perfor mance. This paper reveals that: (1) the deficiencies of commodity money (and the historical arguments associated with it) are attributed to paper (fiat) money; (2) in a historical setting, there are very restrictive conditions under which paper money would be a defective measuring device; and (3) under general economic conditions, paper money is a reliable measure.

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Paper provided by EconWPA in its series Macroeconomics with number 0502018.

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Length: 25 pages
Date of creation: 08 Feb 2005
Handle: RePEc:wpa:wuwpma:0502018
Note: Type of Document - wps; pages: 25
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  1. Hicks, J. R., 1987. "Capital and Time: A Neo-Austrian Theory," OUP Catalogue, Oxford University Press, number 9780198772866.
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