Making money disappear" (Commentary, Tuesday) provides the standard definition of money with a list of characteristics. While certainly valid, they do not capture the essence of what money is or why it has value. Money is simply a proxy for all marketable goods and services. It has no inherent value independent of those goods and services. The only way to affect the value of money is to increase or decrease the value of goods and services that make up an economy.
Strange doings in the American economy. A report comes out saying that job growth has evaporated to essentially nothing - to the surprise of everybody - and then the Federal Reserve Board raises interest rates by a quarter point. Typically, when the Fed raises interest rates, it's because the economy is looking strong, and the Fed is worried about inflation setting in. Specifically, the usual concern is that if people and companies start feeling extremely optimistic and spend accordingly, that can mean that more money is chasing a relatively stable supply of goods and services. That is pretty much the definition of inflation. And if inflation occurs, all manner of bad things can happen.
By reducing taxpayers' taxable income, the charitable deduction shifts part of the cost of private charitable giving onto the rest of society, encouraging charitable gifts. While the charitable deduction clearly benefits charities, it also shrinks the federal tax base. This is the basic justification for a tax subsidy to charities: if charities produce public goods, they will be subject to market failure and will not be supplied, justifying a government subsidy for them. The vast majority of charities do not produce exclusively public goods. As a result, the scope of the current charitable deduction is far broader than can be justified by any appeal to the theory of market failure. From the perspective of economic efficiency, it is hard to justify the current size and scope of the feder...
...Figure 1 graphically illustrates this definition of public goods. To see how public goods cause mar... stations bundle advertising or other services with programming, supplying both together at once,...
...(1) Goods and other tangible property received;. (2) Service... owed under programs for which no current services or performance is required. Accrued income means t...
...(1) Goods and other tangible property received;. (2) Service... owed under programs for which no current services or performance is required. Accrued income means t...
... to some single good or a combination of goods and services. The present article urges no specifi... obviously the money supply, (1) or (2) definition of the dollar by one or more goods and services, w...
...(1) Goods and other tangible property received;. (2) Service... owed under programs for which no current services or performance is required. (b) Accrued income mea...
This note attempts to provide a formulaic definition of money and discuss the distinction between "medium of exchange" and "means of payment." The former refers to the set of assets in an economy that people regularly exchange for goods and services (a concept of "what"), while the latter is a method that facilitates delivery of money from one to another (a notion of "how"). It suggests that money should be exclusively defined as "medium of exchange," rather than "means of payment." With such a distinction established, one can uniformly explain why currency, demand deposits and smart cards are money (because they are a medium of exchange), and why checks, money orders, or debit and credit cards are not money (because they are only a means of payment but not a medium of exchange).
...(1) Goods and other tangible property received;. (2) Service... owed under programs for which no current services or performance is required. (b) Accrued income mea...
...(1) Goods and other tangible property received;. (2) Service... owed under programs for which no current services or performance is required. (b) Accrued income mea...
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