19 Definitions of Money According to Experts and Their Functions (Complete)
19 Definitions of Money According to Experts and Their Functions (Complete) – Who is a person who does not know money? There are many riots, household rifts, divisions, corruption, all because of money. Money for some people is a basic and primary need, without money you won't be able to do anything.
In the economic field, money is an object agreed upon by society or economic actors as a medium for transactions. For this discussion, we will discuss what money is and what are its functions?
19 Definitions of Money According to Experts and Their Functions (Complete)
Money is one of the tools used for transactions that is most valuable and very useful for the community to use as a means of payment any form (goods, services, accounts payable, etc.) in which this money has value, is trusted, accepted and widely circulated among public.
Money is an object accepted by society as an intermediary tool for bartering or trading.
For more details about what it is, the following will explain the meaning of money according to some economists.
Understanding Money According to Experts
There are several meanings of money that have been defined by experts, here are the explanations:
1. Albert Gailort Hart
Belianu believes that money is a wealth that the owner can use to make transactions or pay off debts immediately and there is no delay.
2. R.S Sayers
R.S Sayers explained that money is anything that can be accepted by society as a debt payment.
3. Robertson
He stated that money is something that is common and can be used in making payment transactions for goods and services.
4. Rollin G. Thomas
He argues that money is something that is readily available and is usually accepted by people who are used as a means of payment and transactions in the purchase of goods and services as well as payment debt.
5. A C. Pigou
He argues that money is something that is commonly used in transactions or a medium of exchange.
6. George Simmel
He explained that money has the ability to transform and change the social world to the arithmetic world and is used as the purest means of reification.
7. George N. Halm
Here he explained that money is a tool used in facilitating and facilitating exchanges and overcoming all difficulties in bartering or transactions.
8. Dennis Home Robertson
Dennis Home Robertson Money argues in his book entitled Money says that "money is something accepted in payment for goods” means that “money is anything that can be accepted to make payments in order to obtain goods
9. Tri Kunawangsih & Anto Pracoyo
They argue that money is a medium of exchange accepted by the community which is used as a valid means of payment for its unit of account.
10. Anto Pracoyo & Tri Kunawangsih
They argue that money is a tool used as a medium of exchange that can be used by global economic actors in general.
11. walker
He argues that money is "money is what money does", meaning that money is all the things that can be done by that money, in other words money that is money functions as money and not because of the functions that other
12. Irma Rahmawati
He stated that money is an object that is able to be approved by all levels of society which is used as a tool for exchange as well as trade.
13. Rismsky K. Judisseno
He argues that money is an acceptable medium used by every economic actor or money market player to make transactions easier.
14. Law
Money is an object that is legal tender, functionally money is an object that can be used as a means of payment, when viewed from its value, money is a unit of account that can express something mark.
15. Indonesian Encyclopedia
Quoted from the Indonesian Encyclopedia, money is anything that can be used and can usually be accepted as a medium of exchange or something as a standard tool in measuring a value, for example, a standard measure of money, guarantor debt and is used to measure power standards buy.
16. Mankiw
Here he argues that money is a supply of assets that can be used immediately in making transactions, not only that, namely money everything that can be used or received to make payments for goods, services or debt, money has one purpose fundamentals in the economic system, to facilitate the exchange of goods and services, shorten the time and effort required in trade.
17. Cashmere
Money is a medium of exchange, in this case money is used as a tool to buy or sell goods or services. In other words, money can be used to pay for goods to be purchased or received as a result of selling goods or services.
18. KBBI
Quoted from KBBI that money is a valid means of exchange or standard for measuring the value of "one count". issued by the government of a country in the form of paper, gold, silver or other metal printed with the form and certain image.
19. Wikipedia
According to Wikipedia, money is something that is available and generally accepted as a tool payment in making purchases of goods and services as well as other valuable assets and also used for debt payments.
Money Function
There are also functions of money including:
Native Function (Primary)
- As a medium of exchange, money functions as a medium of exchange and is used to overcome difficulties in barter exchange.
- As a unit of account, namely money serves to determine the value of an item or service and also the amount of price that can be measured.
Derivative (secondary) Function
- As a legal means of payment (means of payment), namely money serves as a means of making payments such as paying taxes, food, dues, fuel, and other payments.
- As a debt payment (standard of deferred payment), namely money serves to determine debt payments with debt standards that must be paid.
- Wealth hoarders mean that money can be stored or saved to facilitate exchange in the future with quite a lot of money and can transfer ownership of other assets such as buildings, companies, land, gardens and others etc.
- As a tool for capital formation and transfer of capital (transfer of value), namely money serves to increase business capital, either used for personal use or loaned out to people who need it.
- As a measure of value (standard of value), in which money serves as a tool in determining the price of goods and services produced by a company.
Thus our discussion this time about 19 Definitions of Money According to Experts and Their Functions (Complete), hopefully it can be helpful and useful for readers, and also visit related articles about types and nature of money. Thank you very much 🙂
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