Money and savings: how definitions affect policies[1]: January 16, 1991

Presents a paper written by Lauchlin Currie in January 1991 in which he attempts to demonstrate how lack of precision in the use of terms relating to money and savings can lead to a lack of precision in theories, which in turn leads to errors or misunderstandings in policies. Concludes that an essential step to correct the confusion would be the recognition that the most important portion of means of payment is that which performs a distinct service for which there is a demand, and which entails a cost for which the community is prepared to pay.