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- W2500704685 abstract "Modern society and present living standards are inconceivable without a high degree of division of labour, and for this we need money, a generally accepted medium of exchange. The chapter explains how money emerged spontaneously from expanding trade relationships, and why money is a unique good that is only demanded for its exchange value, not any other use value. This means that changes in money demand can be satisfied by changes in money's price rather than its quantity, and it explains why even growing economies do not need an expanding supply of money and do not require ongoing money production. We see why money was usually a commodity (gold and silver)." @default.
- W2500704685 created "2016-08-23" @default.
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- W2500704685 date "2014-07-04" @default.
- W2500704685 modified "2023-10-16" @default.
- W2500704685 title "The Fundamentals of Money and Money Demand" @default.
- W2500704685 doi "https://doi.org/10.1002/9781118877340.ch1" @default.
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