Home / Contact

REPORT DEAD LINKS --- we can't keep this site up-to-date without your help

home

Definitions of Money

  • Note that the most common term used in these definitions is "a medium of exchange"
  • Note that only one of these definitions define money as being a "standard of value", although a few use " measure of value" This website thinks "standard of value" is a very useful definition: it accurately describes money in a wide variety of common transactions and situations. For instance, the dollar sign ($) on retail packages are invariably using the "money symbol" as "a standard of value"

Our favorite definition: by Norman G. Kurland © 1972 revised 2002 (Later published in The Journal of Socio-Economics, Vol.30 pgs. 495-515)
"Money is a "social good," an artifact of civilization invented to facilitate economic transactions for the common good. Like any other human tool or technology, this societal tool can be used justly or unjustly. It can be used by a few who control it to suppress the natural creativity of millions of people, or it can be used to achieve economic liberation and prosperity for all affected by the money economy."
Most of the following definitions were found on the Internet as a result of a Google search. Except for the first two, they are of little value if you are trying to truly understand money. They seem to simply repeat what was found elsewhere and do not lead to an understanding of the complexities of money. They, for instance, define "physical money" and ignore "abstract money".
  1. Frederick Soddy has unique definition of money that is worth noting (Soddy wrote a notable book in 1926: "Wealth, Virtual Wealth and Debt -- the Solution to the economic paradox ". "Money is not wealth ... but the evidence that the owner of the money has not received the wealth to which he is entitled and that he can demand that wealth at his own convenience ..." This is from note 3 of a 1950 article by Soddy, Money Reform as a preliminary to all reform -- pages 137 -138. http://nesara.org/articles/soddy88.htm
  2. In his 1967 book coauthored with his wife Patricia Hetter Kelso, Two-Factor Theory: The Economics of Reality, the late Louis O. Kelso described money: Money is not a part of the visible sector of the economy; people do not consume money. Money is not a physical factor of production, but rather a yardstick for measuring economic input, economic outtake and the relative values of the real goods and services of the economic world. Money provides a method of measuring obligations, rights, powers and privileges. It provides a means whereby certain individuals can accumulate claims against others, or against the economy as a whole, or against many economies. It is a system of symbols that many economists substitute for the visible sector and its productive enterprises, goods and services, thereby losing sight of the fact that a monetary system is a part only of the invisible sector of the economy, and that its adequacy can only be measured by its effect upon the visible sector.
  3. Forms of paper money
    -----------The definitions below this line are not very helpful -----------
  4. (a) the most common medium of exchange; functions as legal tender) "we tried to collect the money he owed us" (b) wealth reckoned in terms of money) "all his money is in real estate" (c) money (the official currency issued by a government or national bank) "he changed his money into francs"
    << http://wordnet.princeton.edu/perl/webwn?s=money>>
  5. Money is any token or other object that functions as a medium of exchange that is socially and legally accepted in payment for goods and services and in settlement of debts.
  6. A generally accepted means of exchange and measure of value; A currency maintained by a state or other entity which can guarantee its value (such as a monetary union); Hard cash in the form of banknotes and coins, as opposed to cheques/checks or credit cards; The total value of liquid assets ...
  7. A means of payment or a measure of value.
  8. Anything generally recognized as a medium of exchange.
  9. The assets that are commonly accepted as means to purchase goods and settle debts.
  10. A psychological creation; a concept; the mental image of that which is used as a medium of exchange.
  11. coins and paper currency issued by a government for payment of debts and for purchase of goods and services.
  12. Value received by way of current coin, government or bank notes, cheques, drafts, credit card slips, electronic funds transfer, post office orders or bank money orders.
  13. The accepted common medium of exchange for goods and services in the marketplace that functions as the unit of account, a means of deferred payment and a store of value.
  14. A commodity or asset, such as gold, an officially issued currency, coin, or paper note, that can be legally exchanged for something equivalent, such as goods or services.
  15. The physical substance responsible for the earth's rotation.
  16. Any object that a group of people uses to pay its debts and buy the goods and services that it needs.
  17. Generally accepted or legally enforced medium of exchange. Commodity money: substance established as the standard of value used in barter exchange or legally enforced in settlement of debts.
  18. Glyn Davies, a "money" historian says "Money is anything that is widely used for making payments and accounting for debts and credits." (see links to Glyn Davies' writing -- scroll down at the link). Mr. Davies also has written "It is almost impossible to define money in terms of its physical form or properties since these are so diverse. Therefore any definition must be based on its functions."

    The following is from the dictionary on my computer: money / |ˈmənē| / noun
    (1) A current medium of exchange in the form of coins and banknotes; coins and banknotes collectively :
    For example -- (a) I counted the money before putting it in my wallet, (b) He borrowed money to modernize the store.
    (2) (moneys or monies) formal sums of money : a statement of all moneys paid into and out of the account.
    (3) the assets, property, and resources owned by someone or something; wealth : the college is very short of money.
    (4) financial gain : the main aim of a commercial organization is to make money.
    (5) payment for work; wages : she accepted the job at the public school since the money was better.
    (6) a wealthy person or group : her aunt had married money.

    PHRASES
    (1) be in the money = have or win a lot of money.
    (2) for my money = in my opinion or judgment : for my money, they’re one of the best bands around.
    (3) (the love of) money is the root of all evil (proverb) = greed gives rise to selfish or wicked actions.
    (4) money talks (proverb) = wealth gives power and influence to those who possess it.
    (5) one’s money’s worth = good value for one’s money.
    (6) on the money = accurate; correct : every criticism she made was right on the money.
    (7) put money (or put one’s money) on = (a) place a bet on. (b) used to express one’s confidence in the truth or success of something : she won’t have him back—I’d put money on it.
    (8) put one’s money where one’s mouth is (informal) = take action to support one’s statements or opinions.
    (9) see the color of someone’s money = receive some proof that someone has enough money to pay for something.
    (10) throw one’s money around = spend one’s money extravagantly or carelessly.
    (11) throw money at something = try to solve a problem by recklessly spending money on it, without due consideration of what is required.

    DERIVATIVES / moneyless | adjective
    ORIGIN / Middle English : from Old French moneie, from Latin moneta ‘mint, money,’ originally a title of the goddess Juno, in whose temple in Rome money was minted.

    Legal definitions of phrases containing the word money

    1. Earnest Money -- "A deposit of money up-front, at the start of a transaction" -- http://definitions.uslegal.com/e/earnest-money/
    2. Money Order -- http://definitions.uslegal.com/m/money-order/
    3. Money Laundering -- http://definitions.uslegal.com/m/money-laundering/
    4. Purchase Money Mortgage -- A purchase-money mortgage is a note secured by a mortgage or deed of trust given by a buyer, as borrower, to a seller, as lender, as part of the purchase price of the real estate. http://definitions.uslegal.com/p/purchase-money-mortgage/
    5. Money Market Instruments -- The short-term debts and securities sold on the money markets — which are known as money market instruments—have maturities ranging from one day to one year and are extremely liquid. http://definitions.uslegal.com/m/money-market-instruments/
    6. Money Markets -- An informal network of banks and traders linked by telephones, fax machines, and computers. The market facilitate the buying and selling of various forms of short term money instruments. http://definitions.uslegal.com/m/money-market-instruments/
    7. Seed Money -- Seed money, or seed capital, is the first round of money for a start-up business. http://definitions.uslegal.com/s/seed-money/
      -------------------- end ----------------------