Fatal Misnomers: “Money”
According to the Apostle Paul from New Cambridge, “Money is of no use to us until we get rid of it ( Economics , 2010, p.458).” By design or by chance, he in that particular regard is a short run away from Irving Fisher at New Havens ( The Theory of Interest , 1930, p.5). Ever since the outset of Uncommon Era in 1936 CE, side by side, “ money ” has been a holy grail to the “intellectually honest.” The name in the “theory.” Macroeconomists say “liquidity preference ” while meaning to “get rid of money.” An “autonomous” question to follow: What on Earth is “money”? Is ‘liquidity” a good of utility or a bad of disutility? They say money’s found three faces new; that is, the unit of account , the medium of exchange and a store of value. That’s a nice try but off the mark, whether in the short or long run of distance. The raison d'être of money, according to t...