Mainstream Economics: Money as Medium of Exchange, Unit of Account, and Store of Value

Tags: Gold Standard, Monetary Theory, Monetary Policy, Money and Banks

09/25/2026 Joshua Mawhorter

Mainstream economics does a disservice when students are taught that money is a medium of exchange, a store of value, and a unit of account without explaining why and how money came to function in those categories.

Original article: https://mises.org/mises-wire/mainstream-economics-money-medium-exchange-unit-account-and-store-value

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