November 9 2020 | Modern Money Theory: Week 1 | Back Next |
If money is a social relationship, it is not a tangible object
But it can be represented by objects of varying degrees of tangibility
"[A]lmost anything can be money -- tokens, scrip, coins, paper, checks, or, these days, bank credits. What a community is doing is representing its IOUs -- whether in clay tablets, screawled-on napkins marked 'IOU,' or electronic marks on bank computers. ... [M]oney is 'that which pays' -- that which is counted as paying or settling debts, so as to facilitate a community's bookkeeping." (27)
"What is money, then? That thing, whatever it happens to be, that a community agrees to count as settling accounts between them. Whatever it is, that's their money." (27)
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