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Home History of Money

History of Money:

 

Barter System and its Inconvenience:

 

The economic system which functions without the use of money is given the name of barter system. In other words the economy which lacks any monetary media and the goods are exchanged with goods directly is a representative of barter system. Continue reading.

 

Evolution of Money and Different Standards of Payments:

 

With the passage of time the barter system lost its efficacy. Hence it was thought for some commodity which could be used to represent the values of goods and services. Moreover such commodity could be acceptable to the trading parties with out any hesitation. Continue reading.

 

Definition and Concept of Money:

 

"Money is a commodity which is generally acceptable as a medium of exchange and at the same time it acts as a measure and a store of value". Continue reading.

 

Definition of Money According to Classical Economists:

 

According to classical economists money is just a medium of exchange and it can not influence the income and employment of a country. Continue reading.

 

Definition of Money According to Keynesian Economists:

 

According to Keynesian Economists money has an other role to play which is as a store of value. They said  that due to this role of money a link is established between present and future. Continue reading.

 

Definition of Money According to Monetarists:

 

The monetarists which are known as modern friends of classical economists have much more similarity regarding different issues. Continue reading.

 

Representative Money or Modern Money/Plastic Money/Electronic Money:

 

In representative money or modern money, the following types of money remained in operation: Continue reading.

 

Functions of Money:

 

Barter system was furnished with the situation of non-existence of double coincidence of wants. The trade under barter system could only take place if there existed coincidence between wants. Continue reading.

 

Role and Importance of Money:

 

We know about barter system and its demerits. The barter system had such a problems that they could be removed only by inventing money. Therefore, the importance of money can be judged from the followings: Continue reading.

 

Properties/Qualities/Merits of Good Money:

 

The commodity which is to serve as money should have following properties or qualities: Continue reading.

 

Demerits of Money:

 

The money as medium of exchange played an important role by having put to an end the demerits of barter system. But if we observe the present day problems we find that money also played an important role in creating and promoting these problems. Continue reading.

 

Money and Near Money:

 

The main objective of money is to arrange transaction between different people and business organizations. The money and incomes are closely related. As most of the incomes are obtained in money. Hence people keep their wealth in money. Continue reading.

 

Principles and Theories of Micro Economics
Definition and Explanation of Economics
Theory of Consumer Behavior
Indifference Curve Analysis of Consumer's Equilibrium
Theory of Demand
Theory of Supply
Elasticity of Demand
Elasticity of Supply
Equilibrium of Demand and Supply
Economic Resources
Scale of Production
Laws of Returns
Production Function
Cost Analysis
Various Revenue Concepts
Price and output Determination Under Perfect Competition
Price and Output Determination Under Monopoly
Price and Output Determination Under Monopolistic/Imperfect Competition
Theory of Factor Pricing OR Theory of Distribution
Rent
Wages
Interest
Profits
Principles and Theories of Macro Economics
National Income and Its Measurement
Principles of Public Finance
Public Revenue and Taxation
National Debt and Income Determination
Fiscal Policy
Determinants of the Level of National Income and Employment
Determination of National Income
Theories of Employment
Theory of International Trade
Balance of Payments
Commercial Policy
Development and Planning Economics
Introduction to Development Economics
Features of Developing Countries
Economic Development and Economic Growth
Theories of Under Development
Theories of Economic Growth
Agriculture and Economic Development
Monetary Economics and Public Finance
History of Money

 

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