Definition Of Money By Different Economists

Definition Of Money By Different Economists / Authors

Generally, the medium of exchange is called money. Money is a universally accepted medium of exchange for the purchase and sale of goods and services, as well as the completion of all types of transactions. So it can be said that the thing acceptable to all as a medium of exchange and a means of settling debts, and which acts as a measure of value and a vehicle of accumulation, is called money.

Money is known by different names in different countries. For example, the Taka in Bangladesh, the Yen in Japan, the Pound Sterling in the UK, and the Dollar in America.

Definition Of Money By Different Economists / Authors

According to Robertson, “Anything which is widely accepted in payments for goods, or in the discharge of other kinds of business obligations.”

According to Crowther, “Money is anything that is generally accepted as a means of exchange and at the same time acts as measure and store of value.”

George Douglas Howard Cole or G. D. H. Cole Defines, ” Money is a thing which is generally used by all to meet debts and to repay debts.”

According to the economist Walker, “Money is that money does.”

Prof. Ely defines, “Money as anything that passes freely from hand to hand as a medium of exchange and is generally received in final discharge of debts.”

Definition Of Money By Different Economists / Authors

According to Coulborn, “Money may be defined as the means of valuation and payment.”

According to Seligman, “Money is one thing that possesses general acceptability.”

John Maynard Keynes defines, “Money is that by delivery of which debt contracts and price contracts are discharged and in the shape of which a store of general purchasing power is held.”

According to George Knapp, “Money is anything that is legally acceptable for payment of debt.”

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