Friday, March 1, 2013

Money Wisdom #92

"Money is that 'which purely in itself is of no material use to man but which acquires such an estimation from his opinion of it as to become the universal measure of what is called value' (quoted in Schumpeter 1994 [1954]: 297)"

Sir James Steuart (circa C18th)  quoted in Geoffrey Ingham The Nature of Money (2004) p.40

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