The Definition of Money: Net Wealth and Neutrality as Criteria

Abstract

This paper is an excerpt from a monograph on Monetary Statistics of the IJnited States, scheduled for publication late in 1969 by the National Bureau of Economic Research. It is part of one of a number of chapters dealing with the definition of money. These chapters trace earlier usage, examine alternative theoretical approaches, discuss the criteria that we regard as relevant to the choice of definition, present our own choice for the United States for the past century, and give the historical and empirical evidence that has become available since we made our decision. The chapter from which this excerpt was taken considers two sets of theoretical approaches: those that have stressed the of function of money, and those that have stressed the asset This excerpt is part of the discussion of approaches stressing the medium of exchange function. Though self-contained, it is clearly incomplete.

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