Abstract
Everyone knows that indirect exchange is more productive than barter — see, for example, Clower (1967), Niehans (1978) and Ostroy (1973). But it is not widely understood that indirect exchange, while entailing money of account, does not entail a unique dedicated substance, money. Monetary functions are ontologically distinct from things that may be called money.
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© 1986 M.L. Burstein
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Burstein, M.L. (1986). The Essential Properties of Money. In: Modern Monetary Theory. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-18070-7_1
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DOI: https://doi.org/10.1007/978-1-349-18070-7_1
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-18072-1
Online ISBN: 978-1-349-18070-7
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