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
Date Written: July 6, 2011
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.
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