Introduction:-
Money comes from the Latin word "Moneta" which denotes Goddess Juno in whose temple money was minted in Rome. Money has been defined in different ways by different writers. Some have defined it in a very narrow sense and others in a very wide sense.
In the narrowest sense the term money includes only the commodity that may serve the purpose of money, that is, metallic coins only.
In the widest sense, money signifies each and every form of medium of exchange gold, silver, copper and other metallic coins, paper note, cheques, bills of exchange etc.
Modern economists have, however, adopted the golden means and have defined money as anything that is generally acceptable in a community in exchange for all other commodities and services.
Definitions:-
Ely says:
"Anything that passes freely from hand to hand as a medium of exchange and it is generally, received in final discharge of debts."
G.D.H.Coley says:
"Purchasing power, something which buy things."
J.M.Keynes says:
"Money is that by the delivery of which debt contracts and price contracts are discharged and in the shape of which generally purchasing power is held."
Geoffrey says:
"Anything that is generally acceptable as a means of exchange (i.e. as a means of settling debts) and at the same time act as a measure and as a store of value."
G.N.Haim says:
"The word money has been used to designate the medium of exchange as well as the standard of value."
Money comes from the Latin word "Moneta" which denotes Goddess Juno in whose temple money was minted in Rome. Money has been defined in different ways by different writers. Some have defined it in a very narrow sense and others in a very wide sense.
In the narrowest sense the term money includes only the commodity that may serve the purpose of money, that is, metallic coins only.
In the widest sense, money signifies each and every form of medium of exchange gold, silver, copper and other metallic coins, paper note, cheques, bills of exchange etc.
Modern economists have, however, adopted the golden means and have defined money as anything that is generally acceptable in a community in exchange for all other commodities and services.
Definitions:-
Ely says:
"Anything that passes freely from hand to hand as a medium of exchange and it is generally, received in final discharge of debts."
Robertson says:
"Anything which is widely accepted in payment for goods
or in discharge of other kinds of business obligations." G.D.H.Coley says:
"Purchasing power, something which buy things."
J.M.Keynes says:
"Money is that by the delivery of which debt contracts and price contracts are discharged and in the shape of which generally purchasing power is held."
Geoffrey says:
"Anything that is generally acceptable as a means of exchange (i.e. as a means of settling debts) and at the same time act as a measure and as a store of value."
R.P.Kent says:
"Money
is anything which is commonly used and generally accepted as a medium of
exchange and as a standard of value." G.N.Haim says:
"The word money has been used to designate the medium of exchange as well as the standard of value."
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