medium of exchange

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Medium of Exchange

Anything used as money. A medium of exchange is most commonly a currency, but it may be a commodity agreed-upon in a certain area as having a value. Examples include gold, silver, or even seashells.

medium of exchange

see MONEY.

medium of exchange

an attribute of MONEY, enabling people to price goods and services and exchange them, using money as a common denominator rather than exchanging one good directly for another (as in BARTER).
References in periodicals archive ?
Their use by the state, its associates, and collaborators is nevertheless a violation of the natural law because the state outlaws competing media of exchange.
Such monetary schemes would not violate the natural law, but as Rothbard has rightly pointed out, they might nevertheless prove impossible to initiate since, according to Mises' regression theorem, all media of exchange must have their origin in a commodity that is valued in a state of barter.
This is so because the reproducer is taking advantage of (a different set of) statute laws that have outlawed competing media of exchange altogether.
This would not be the case under the original commodity-based system, where it was the government's monopoly of the mints, and not the outlawing of competing media of exchange, which constituted the violent aspect of the robbery.
Laissez Faire Banking and Circulating Media of Exchange.
Thus, the potential for counterfeiting makes a key difference here for the effects of government intervention in the issue of media of exchange.
Thus agents in this environment face an interesting coordination problem: Whether to avoid the use of an intrinsically worthless object as a medium of exchange in favor of a valued commodity object or to use both as media of exchange.
The Origin and Development of Media of Exchange," Journal of Political Economy (August 1976), pp.