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The Nature of Money

In: Uncertainty, International Money, Employment and Theory

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  • Louise Davidson

Abstract

Economists have probably spilled more printer’s ink over the topic of money than any other. Moreover, while monetary theory impinges on almost every other conceivable branch of economic analysis, confusion over the meaning and nature of money continues to plague not only the economics profession but also central bankers and other policy-makers. The resulting semantic obfuscation results in needless debate over the proper monetary policy to produce a prosperous economy. Accordingly, the purpose of this article is to develop a precise definition of money to help economists provide a scientific analysis of the role of money. Only after that is achieved can we develop a scientific approach to the question of monetary policy.

Suggested Citation

  • Louise Davidson, 1999. "The Nature of Money," Palgrave Macmillan Books, in: Louise Davidson (ed.), Uncertainty, International Money, Employment and Theory, chapter 11, pages 169-178, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14991-9_11
    DOI: 10.1007/978-1-349-14991-9_11
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