Abstract
This brief paper seeks to examine the basis upon which the existence and use of money rests in a stationary framework. Its major innovation is to uncover a neglected cost in the circulation of goods and services — the costs of clearing accounts between economic units — and, ultimately, to ground the use of money under stationary conditions in an advantage money possesses inherently on this count over personal credit.
Published originally in the Southern Economic Journal, 25 (1958), pp. 1–10, and reproduced with permission.
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© 1992 Robert E. Kuenne
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Kuenne, R.E. (1992). On the Existence and Role of Money in a Stationary System. In: General Equilibrium Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-12752-8_18
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DOI: https://doi.org/10.1007/978-1-349-12752-8_18
Publisher Name: Palgrave Macmillan, London
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