Modern monetary systems

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Monograph

Identifikator:: 1753210836

URN:: urn:nbn:de:zbw-retromon-128414

Document type:: Monograph

Author:: Nogaro, Bertrand http://d-nb.info/gnd/117039713

Title:: Modern monetary systems

Place of publication:: London

Publisher:: King

Year of publication:: 1927

Scope:: XII, 236 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Part II. The explanation of contemporary monetary phenomena and currency theory

Collection:: Economics Books

CHAPTER IV THE NOTION OF MONEY AND THE NOTION OF A MONETARY STANDARD § 1. The notion of money and the notion of commodities— money of account and real money. IN the view of the classical economists money is essentially a commodity, and even “a commodity like any other,” as John Stuart Mill said. Doubtless this should be understood to mean that its economic characteristics are derived from its quality as a commodity, that its value will be determined like that of any other commodity and finally that monetary phenomena, which are commonly connected with the value of currency, can be explained by reference to the same laws which govern the exchange value of any commodity in a normal market. This idea doubtless has some foundation in history; for man does not appear ever to have “invented” money. Objects of common use such as domestic animals (e.g., sheep), foodstuffs or other objects capable of preservation, e.g., salted fish, furs, balls of lead, and, more commonly, precious metals, have been accepted in barter, with a view to further exchange, even when the recipient did not actually require them for his own use. Such commodities have thus become ordinary media of transactions or in other words instruments of exchange; and, as little by little the exchange of a given commodity for a currency com- modity took the place of the direct exchange of two commodities, required for immediate use, or in other words barter, the habit was formed of assigning to every commodity a value in terms of the currency commodity, which thus became the common standard of values. As the currency commodity came to be chosen more 162 a Sif

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