Value of Money

Money has the same source and measure of value as does any other economic good.

Frequently, economists discuss money without revealing their premises regarding the source and measure of its value.

Since money "consists of any¬†economic good, or any claim on such a good," it has value for the same reason any other economic good has value—the subjective judgment of individual. And, the measure of that value consists of the perference scales of individuals.

I will discuss how the role of money as a medium of indirect exchange affects money's position on the individuals preference scale.

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