John,

Just providing, for illustration, one of the references suggested by Tyler

  Nicomachean Ethics, Bk. V, ch. 5 (1133b, 10):

"Now it is money which gives us a guarantee of future exchange.  If we need nothing at the moment, it guarantees that exchange will take place when the need arises.  For when we bring money, it must be possible to get what we need.  But it is true that what happens to goods also happens to money, i.e., it does not always have equal value.  Still it tends to be constant. ... thus, money acts like a measure: it makes goods commensurable and equalizes them."

(Martin Ostwald translation)

Glenn Hueckel

-----Original Message-----
From: Societies for the History of Economics [mailto:[log in to unmask]] On Behalf Of C. Tyler DesRoches
Sent: Monday, August 08, 2011 11:22 AM
To: [log in to unmask]
Subject: Re: [SHOE] Money as a Store of Value

Hi John,

I'm pretty sure you can go back to Aristotle on this one. I recall him distinguishing between three uses/functions of money -- a unit of account, a store of value and exchange value. Check out Aristotle's Politics and his Ethics.

Tyler DesRoches


-----Original Message-----

> Date: Mon Aug 08 06:22:41 PDT 2011
> From: "John" <[log in to unmask]>
> Subject: [SHOE] Money as a Store of Value
> To: [log in to unmask]
>
>   
>     
>   
>   
>     The earliest reference I can find for money as a "store of value" is
>     in John Locke's Second Treatise. Does anyone have an earlier
>     reference?
>     
>     Thanks,
>     
>     John
>     
>     -- 
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>       John C. Mdaille
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