1. The Theory Of Money And The Theory Of Value
Even transactions which are apparently barter transactions, in that the equivalents exchanged are both concrete commodities, may best be analyzed as degenerate monetary transactions, in which the parties estimate the abstract value of their respective products, and finding them equal, or nearly equal, are able to avoid transferring money itself. ... One of the parties to the exchange may have an advantage over the other in possessing better information or facing little competition; an absolute shortage or glut of the commodity being exchanged, and so on. ...
- Word Count: 5092
- Approx Pages: 20
- Grade Level: Undergraduate