A Rehabilitation of Say’s Law (W. H. Hutt)
- Highlight Loc. 350-55 | Added on Thursday, January 26, 2012, 02:11 PM
Money. All assets the value of which arises, or is enhanced, because they are demanded and held wholly or partially for the monetary services they render, i.e., for the express purpose of exchange for non-money goods or services in the future. This definition covers currency in circulation, demand deposits, and (here my usage differs from what is conventional*) the pure money equivalent of “near-money” or “money substitutes”—“hybrid” assets which are partly non-money but which provide monetary services and are therefore partly money also (“hybrid assets”).* *
