Money and the Mechanism of Exchange¶
Jevons, W. S. (1875). Money and the Mechanism of Exchange.
Cited by¶
1 citation across 1 artifact.
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Primes¶
- Common-Medium Intermediation
- In economic exchange it is money: the double-coincidence-of-wants problem is exactly the N-by-N pairwise-barter cost, and money is the medium that converts it to N-by-1, since each participant need only accept money.
This sourceClassic statement of the double-coincidence-of-wants problem in barter and of money as the medium that dissolves it.
- In economic exchange it is money: the double-coincidence-of-wants problem is exactly the N-by-N pairwise-barter cost, and money is the medium that converts it to N-by-1, since each participant need only accept money.
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