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The Mystery of the Money Supply Definition

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Tags Monetary Theory

07/30/2014Frank Shostak

 

Volume 3, No. 4 (Winter 2000)

 

As we have shown, the validity of various definitions of money cannot be ascertained by means of a statistical correlation with national income. A valid definition can be established by following the essentialist approach—that is, by focusing on the distinguishing characteristics of an entity. Contrary to mainstream thinking, we have shown that the money supply definitions remains intact, notwithstanding the deregulation of financial markets and the introduction of electronic means of payments.

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Shostak, Frank. "The Mystery of the Money Supply Definition."  The Quarterly Journal of Austrian Economics 3, No. 4 (Winter 2000) 69-76.