Steve Roth — 4 Definitions Of Money. All Correct.

Understanding what nosotros hateful yesteryear the virtually of import discussion inwards economics.

The pregnant of ordinary linguistic communication price is relative to purpose inwards context. Conversely, technical price are defined operationally. The same sign tin travel used for unlike technical terms, although such purpose is discouraged equally confusing, merely non inwards the same context, where alone 1 operational definition applies.

Unfortunately, economic science frequently employs ordinary linguistic communication terminology amongst specifying the pregnant operationally. Confusion ensues.

Evonomics
Four Definitions of Money. All Correct.

Steve Roth | Publisher of Evonomics