The myth of the money supply has three elements: Holt

The myth of the money supply has three elements: (1) money is a stock of something in limited supply, i.e., it is scarce; (2) the supply of money, and therefore its value, is regulated by the government through the agency of its central bank; and (3) money is the means of payment for all the transactions in the society that collectively constitute the gross domestic product or GDP.




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