Money: Capital Good, Consumers’ Good, or (Media of) Exchange Good?

The Review of Austrian Economics, Vol. 18, No. 2, pp. 179-194, 2005

16 Pages Posted: 8 Jul 2011

See all articles by Walter E. Block

Walter E. Block

Loyola University New Orleans - Joseph A. Butt, S.J. College of Business

William Barnett

Loyola University New Orleans

Date Written: July 6, 2011

Abstract

Is money a producers’ good or a capital good, or is it sui generus, as Mises, Rothbard, and other Austrians have maintained? We argue that all action is either consumption or production, and that exchange is but a form of production. Consequently, all goods are either consumers’ goods or producers’ goods; there is no third possibility. And that among these two money is a producers’ good, not a consumer good.

Suggested Citation

Block, Walter E. and Barnett, William, Money: Capital Good, Consumers’ Good, or (Media of) Exchange Good? (July 6, 2011). The Review of Austrian Economics, Vol. 18, No. 2, pp. 179-194, 2005. Available at SSRN: https://ssrn.com/abstract=1880606

Walter E. Block (Contact Author)

Loyola University New Orleans - Joseph A. Butt, S.J. College of Business ( email )

6363 St. Charles Avenue
Box 15, Miller 321
New Orleans, LA 70118
United States
(504) 864-7944 (Phone)
(504) 864-7970 (Fax)

William Barnett

Loyola University New Orleans ( email )

526 Pine Street
New Orleans, LA 70118
United States

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