MONEY is one of those terms which political economists have borrowed from popular speech and found ill-adapted to their purposes. In spite of numerous attempts to make a suitable definition, it still lacks the precision and definiteness of meaning which should characterize scientific terminology. Popular usage is tolerably consistent and clear, but fails to include under the term all the instrumentalities which belong together in any scientific treatment of the subject, and political economists are not agreed regarding the point to which the popular meaning of the term should be extended. Even if these difficulties were removed, however, one not easy to overcome would still remain. All are agreed that under the head money we must include both the standard of value and the medium of exchange, two instrumentalities which perform very different functions, and the distinction between which is apt to be minimized, if not entirely overlooked, when an attempt is made to include them under one definition.

In order to avoid this difficulty and to promote clearness of thinking, we shall discuss first of all the functions of the standard of value, and the medium of exchange, and, so far as possible, defer the use of the term money until the student is prepared to form an independent judgment regarding the meaning which ought to be attached to it.

Please Activate the Full Screen Mode for Better Viewing Pleasure (2nd button from the left)

LINK

http://bikibook.com/books/money-and-banking-william-scott/

EMBED

<iframe frameborder="0" scrolling="no" style="border:0px" src="http://bikibook.com/books/money-and-banking-william-scott/" width=500 height=500></iframe>

Related posts:

1. A Short History of Paper-Money and Banking in the United States, including an account of provincial and continental paper-money by William M. Gouge Importance of the Subject. In an address to the stockholders...
2. American Finance with Chapters on Money and Banking by Albert Bolle PREFACE. No one will question the need of a systematic...
3. The Logic Of Banking by William Gilbart PREFACE IN my ” Logic for the Million,” published in...
4. Money and Banking Illustrated by American History PREFACE DURING the past three years a marked change in...
5. The Principles and Practice of Banking by William Gilbart THE ORIGIN AND PROGRESS OF BANKING. An eminent historian observes,...

Tags: banking system, Banks, Business, money, paper money