Monday, October 12, 2009

Definition of Money

"What matters is that a man acquires a good not in order to consume it or to use it in production, but in order to give it away in a further act of exchange. Such conduct on the part of people makes a good a medium of exchange and, if such conduct becomes common with regard to a certain good, makes it money."
Ludwig von Mises from the book "Human Action"

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