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Or currency, and their various kinds, and also to possible differences of currencies the friend from
The chapter X. Definition of money - deviation
Between money also there is no clear boundary
Pseudo-accuracy, statistical measurements and scientific true
Legal fiction and the defective economic theory
Values of terms and definition
Money is usually defined as a unique medium of exchange accepted by all.
Economics (1871), Glencoe III., Carl Menger, which job
Has relieved us, at last, of medieval representation, according to which
Money or their value were considered as creation of the state. the river 9, 62, informs,
That in the ancient time Chineses expressed the representations about money the term,
Meaning it is literally "the current goods". The expression widely accepted now -
"Money is the most liquid active", means, of course, the same (as
Has specified Carlisle 8 in 1901). To serve as everywhere accepted means
Exchange - unique function which the object should carry out, that
To be called as money, though the standard medium of exchange, generally speaking,
Gets also additional functions: it units, preservation means
Values, means of the delayed payment, etc. However definition of money as
"Instruments of payment" represents, from the point of view of logic, a vicious circle,
As it already assumes that debts become in money terms (compare:
L V. Mises, The Theory of Money and Credit (1912), New Edition, Jonathan
Cape, London, 1952, the river 34 ff.).
Definition of money as all an accepted medium of exchange, of course, not
Necessarily means, what even within one national territory should
To be the one and only kind of money accepted more widely, than all the others;
Probably, existence of several kinds accepted on the same level with each other
Money (them it is more convenient to name currencies), especially if is possibility quickly
To exchange one kind for another on any, maybe, and not fixed,
To course.> there are, however, no reasons why in the given community should
To exist unique accepted by all (or at least widespread)
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