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Showing posts with the label Concept meaning and function of Money

Concept, meaning and function of Money

Concept and meaning of Money In general money simply refers to the currencies (notes, coins), produced by central bank of the nation. But in subject of monetary economics and financial and public economics, the concept of money isn’t this simple. Many arguments or views are given by different economists regarding the money.

We considered here definition by some of the authors

"In order for anything to be classed as money, it must be accepted fairly widely as an instrument of exchange." -  A C Pigou.

"Money is anything that is habitually and widely used as means of payment and is generally acceptable in the settlement of debts." - G D H Cole.

"Money constitutes all those things which are at any time and place, generally current without doubt or special enquiry as a means of purchasing commodities and services and of defraying expenses." - Alfred Marshal

By money is to be understood "that by delivery of which debt contracts and price contracts are discharged…