Posted by: Dale Eastman
« on: April 11, 2024, 11:03:18 AM »On 3 April @ 15:36 I wrote: The proper and correct definition of MONEY is something that is a measure and store of value.
Quote from: Griffin page 140
It is important to keep in mind that, in its fundamental form and function, money is both a storehouse and a measure of value.
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Money is a store of value. Wolla gave the example of earning $25 today and holding on to the money to spend it in the future. Although he noted that money isn’t a perfect store of value, “holding money is usually a more effective way of storing value than holding other items of value such as corn, which might rot,” he said.
Money is a unit of account, meaning we use it “to measure value in economic transactions,” Wolla said. What kind of deal did your friend get on her blue jeans? You’ll have a good idea if she tells you how many dollars she paid. It would not be as helpful to know how many bushels of corn she would have had to turn over to get the jeans.
Money is a medium of exchange, or “widely accepted as a method of payment.”
https://www.stlouisfed.org/open-vault/2021/december/what-is-money
