Tuesday, September 2, 2014

Definition of Money

A business associate of mine and I were debating the meaning of money, and the curious phenomenon of the modern field dealing with money, economics, has no agreed upon definition of money.

There is a traditional definition of money, as in medium of exchange and (relative) store of value, and then empirical examples of what has served as money, but today, the word as used in modern economics is essentially meaningless, when used in modern economic discussions.

I insist on using the word in a strictly traditional sense, so what I may say might make sense (Socrates said first, define terms.)

He countered meanings change, and so it is with the word money.  Very true, for example I heard John Wayne say in a movie from the fifties "I feel gay" which today means only one thing, but back then always meant felicitous.  Sometime around 1968 the term began to shift from felicitous to homosexual. The change is complete, contemporary use of the word causes no confusion.

But as to the word money, there is the traditional definition, still being used sometimes, and then legion other definitions, leading to endless confusions.  The new application of the word is too compromised to be useful, and the classic definition is still accepted if stipulated.  (Stipulating you mean felicitous when using the word gay would be a gag line today.)

So money retains its original definition, although stipulation may be needed...  here I use it in its traditional sense, and you can search my blog for the term and find my comments.

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