“The marginal utility of money is based, as we have seen above, on a previously existing array of money prices. Money is demanded and considered useful because of its already existing money prices. The economic analysis of money prices is therefore not circular. In a society of barter, there is no time component in the prices of any given day.”
Next:
Related:
- On the source of demand for money
- Money as bridge across spacetime (or the multiverse)develop