2008/01/01 by James Tobin · 1 citation
Economics, Econometrics and Finance · Social Sciences · #Economic theories and models #Historical Economic and Legal Thought #European Monetary and Fiscal Policies
paper · doi:10.1057/978-1-349-95121-5_2742-1
openalex publication_date 2008/01/01 · openalex created_date 2022/05/12 · openalex updated_date 2026/08/04
Among the conventions of almost every human society of historical record has been the use of money , that is, particular commodities or tokens as measures of value and media of exchange in economic transactions. Somehow the members of a society agree on what will be acceptable tender in making payments and settling debts among themselves. General agreement to the convention, not the particular media agreed upon, is the source of money’s immense value to the society. In this respect money is similar to language, standard time, or the convention designating the side of the road for passing.