Money

Paper Summary:

This paper examines several theories regarding the definition of money. The paper looks at Walrus's Law, the relationship between the definition of money and the gold standard for money, Keynes's and Marx's definition of money, and the Islamic view of money.

From the Paper:

"But clearly, there are economic relationships. As interesting as it is to think that the Walrasian auctioneer is always on the dais orchestrating "trades", in fact, there is disequilibrium, for short or longer periods, in economic relationships (perhaps the auctioneer needed a coffee break) so there must, then, be a place to park the value waiting to be offered back and forth between the sellers and buyers and one must not forget, too, the added attraction of the financiers backing the sellers and buyers. In short, thinking that there might ever come a time when money was not needed to make economic relationships possible is about as sensible as thinking that John Maynard Keynes or Milton Friedman or Daffy Duck knew all there was to know about money and economic relationships. In fact, because money is simply a tangible representation of intangibles--and some would go so far as to say it is a construct for spiritual realities so that we mere mortals may better understand it--it is reasonable to assume that anything written about it is necessarily open to interpretation and revision, including, of course, the current discussion."

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