Study Guide to the Theory of Money and Credit (Robert P. Murphy)
- Highlight Loc. 146-49 | Added on Sunday, October 09, 2011, 06:50 AM
• Even in modern textbooks, writers will list several “functions” of money. This can be confusing, because it makes it hard to pin down exactly what money is and why it so important. Menger’s approach—followed by Mises—is refreshingly clear: Money is defined as a commonly accepted medium of exchange, and this characteristic enables all of the other “functions” attributed to it.
- Highlight Loc. 146-49 | Added on Sunday, October 09, 2011, 06:50 AM
• Even in modern textbooks, writers will list several “functions” of money. This can be confusing, because it makes it hard to pin down exactly what money is and why it so important. Menger’s approach—followed by Mises—is refreshingly clear: Money is defined as a commonly accepted medium of exchange, and this characteristic enables all of the other “functions” attributed to it.
