Saturday, February 16, 2013

Money Wisdom #85

"It is justifiable and indeed necessary to include among primitive currencies any object that fulfils to a reasonable degree either the function of a medium of exchange or that of a standard of value, standard of deferred payment or means of unilateral payments. An object that performs solely the functions of a store of value does not on that account qualify for being considered a money."

Paul Einzig Primitive Money (1948) p.325

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