Economists such as Crowther and R.P. Kent define money as “a commodity which is generally acceptable as a medium of exchange and at the same time acts as a measure and a store of value" (Economics Concepts, 2012)…
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Economists such as Crowther and R.P. Kent define money as “a commodity which is generally acceptable as a medium of exchange and at the same time acts as a measure and a store of value" (Economics Concepts, 2012).In the ancient societies such a generally acceptable commodity became important with advancement of indirect transactions. Example: in a society where money is not involved a farmer produced wheat. He also needs salt. Salt producer wishes to acquire fish but not wheat. Hence the farmer would have firstly exchanged his wheat for fish and then fish for salt. Instead money could enable farmer to purchase salt directly from the producer without involving fisherman. Division of labor thus fueled emerging of money. Due to the fact that money could facilitate exchanging of any good or services people started to store money for future consumption. Thus the role of money as a store of value also became prominent. In early societies silver and/or gold coins were used as money. In time trading of goods and services became a large scale practice in the societies. And the amount of silver and gold became insufficient to exchange the amount of goods and services circulating in the economy. Currently the governments produce notes and coins and supply them to the economy for facilitating trade. However government gold reserves still serve as an indication of country’s wealth.It is also argued that evolving of money has not yet reached the highest possible stage because the current day money is not generally accepted as a medium of exchanging across country borders. ...
Hence storing of value through time and space is considered as a secondary role of money in the contemporary societies. Seemingly money based market systems are associated with a number of advantages. However the drawbacks of money lead societies include deterioration of quality of family unit and development of moral ignorance. Welfare Impacts of Developing Market Mechanism Example: in early societies the role of mother or women was explicitly different from the current scenarios. Women were engaged in fulltime house-making, raising children, caring of husbands and so on. According to the early researches the number of labor hours spent by women on these activities per week was approximately equal to the number of hours men worked in paid formal jobs. With time women’s motivation centered more on salary income and hence a tradeoff between love and money has been created (Folbre and Nelson, 2000). As a result the social welfare of women has increased. The poverty of women has decreased. Nevertheless one can also presume decreasing of time spent with the family may have resulted in increasing family problems, deteriorating the quality of family life and increasing mental health issues such as stress, depression and anxiety in the society. Such issues can be the impact of trading off between “love” and “money”. Further the performances of children who are raised under lower parental caring can be adversely affected. Thus the productivity of future labor force is at a stake. Moral Issues Associated With the Market Mechanism Some economists argue that decreasing of fertility rate and advancement of technologies has lifted the family burden of raising children. Hence contemporary women
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[Your full name] [Instructor’s name] [Course name and code] December 8, 2011 Money Laundering Introduction According to the Article 1 of the 1990 European Communities (EC) Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime (Council of Europe), the term money laundering is defined as: The conversion or transfer of property, knowing that such property is derived from serious crime, for the purpose of concealing or disguising the illicit origin of the property or of assisting any person who is involved in committing such an offence or offences to evade the legal consequences of his action, and the concealment or disguise of the true nature, source, location,
Thinking of the quote today brings into perspective so many things and relays so much that I consider the person who conceived the thought not just a great mind but an intellect, an economist at that. The idea of money has everyone on toes. Existence of a reward system has every other person up and running, and the basis of this reward is money.
Thus, it involves “turning dirty money into clean money”, “washing drug money”, and “disguising criminal money”. The concept of money laundering has evolved over the years and hence money legitimately earned but not disclosed through above means for avoidance purposes involves money laundering.
This essay focuses on the economic views of global economics editor of WSJ, David Wessel, pertaining to the important economic issues, that is, central banks, easy money, asset purchases and bubbles. His article, “Easy Money: Too Much of a Good Thing” is about these issues, that are considered drivers behind the stock-market gains at that moment.
The high-powered money multiplier approach is an approach that considers the level of bank deposits by the private sector while determining money supply (Werner, 2005). According to this approach, the level of cash deposits held by the bank plays the major role in determining money supply.
Indeed, the notion of money is closely linked to the idea of value. Once something presents a subjective value A for one person and subjective value B for the second person these people need some equivalent to compare their subjective values. Thus measure of value is one of the functions of money.
All of these three demands are affected by the interest rate (Robert, p2, 2007). In addition to the level of interest the money demand is also influenced by the level of price, level of GDP and pace of financial innovation (Pedro Zhou, p50, 2005).
The Transactional demand is basically to hold money in a non interest bearing form with the intention to make day to day transactions (Robert, p2, 2007).
Said Martina Hingis, Tennis star, has been quoted in a news item in BBC.Sports are so habitually seen as the affirmation of male virtues - fast, strong, competitive. Women are seen as non- aggressive, non-adversarial, and non-gladiatorial. Despite having a presence in the world of sports for all these decades, women players are still rated and compared in terms of their looks and persona.
University of Chichester
The sum of the individual life chances of European citizens is crucial for the competitiveness of European industry, for social cohesion and, last but not least, for the integration of the member states on the basis of common values and a common understanding of democracy and the rule of law.
First of all, it is vital that the concerned organizations put in place measures that can identify apprehensive activities that may be related to money laundering. Such measures would include ability to detect suspicious practices especially in the banks that would
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