Date of Original Version

Fall 1995

Type

Article

Abstract or Description

Money is the medium of exchange. This simple statement answers the question: What is money? But the answer merely shifts attention to a different set of questions. What is a medium of exchange? Why is it used? What benefits or costs accrue to individuals and society from the use of money?

DOI

10.1111/j.1468-0270.1995.tb00491.x

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Published In

Economic Affairs , 15, 4, 8-14.