Money appears as measure (in Homer, e.g. oxen) earlier than as medium of exchange,because in barter each commodity is still its own medium of exchange. But it cannot be its own or its own standard of comparison.
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Notebook I, The Chapter on Money, p. 93Karl Marx
Q. [McCallum] … are there other economists who have had a really major influence on your thinking? A. [Melzer] Well I mentioned Hayek. There are two ways. One is because of my interest in political economy. The other way is that Hayek was a pioneer in the use of information in economics. One of the papers that Karl and I wrote together that I continue to like was a paper called "The Uses of Money". In that paper we tried to incorporate information and the cost of information to explain why people use money. One of Hayek's most basic ideas is that institutions are a way of reducing uncertainty. Man struggles to find institutional arrangements which on average make life a bit more predictable. Our "Uses of Money" is not so much about money as we conventionally think about it, it's about the idea of a medium of exchange, the function of an institution called the medium of exchange and how the medium of exchange as an institution resolves a part of peoples uncertainty about the future.
Friedrich Hayek
Money is a commodity ... not a useless token only good for exchanging; ... It differs from other commodities in being demanded mainly as a medium of exchange.
Murray Rothbard
All exchange stimulates productive activity, whether exchange by gift, gambling, barter, or money transaction.
Aaron C. Brown
Few people have the sense of financial individuality strongly developed. They do not know what it means to be a controller of wealth, to have that which releases the sources of social action—its medium of exchange. They want money, but not for money's sake. They want it for what it will buy in the way of simple comforts, whereas the financier wants it for what it will control—for what it will represent in the way of dignity, force, power.
Theodore Dreiser
The cumulative development of a medium of exchange on the free market — is the only way money can become established. ... government is powerless to create money for the economy; it can only be developed by the processes of the free market.
Murray Rothbard
Marx, Karl
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