Nani MS 1st Module

Module 1:- MONEY
Evolution of Money
Barter System:- Before the evolution of money, exchange was done on the basis of direct exchange of goods and services. This is known as barter. Barter involves the direct exchange of one good for some quantity of another good. For example, a cow may be exchanged for 3 sheep or 4 goats. For a transaction to take place there must be a double coincidence of wants. For instance if the cow-owner wants a sheep or goat, he has to find out a person who not only possesses the sheep or goat but wants to exchange it with the horse. In other cases, goods are exchanged for services. A doctor may be paid in kind as payment for his/her services. The economies of the world long back shifted to the money system. Prior to that there used to be a barter system. The barter system was one of the earliest forms of trading. It facilitated exchange of goods and services, as money was not invented in those times. The history of bartering can be traced back to 6000 BC. It is believed that barter system was introduced by the tribes of Mesopotamia. This system was then adopted by the Phoenicians, who bartered their goods to people in other cities located across the oceans. An improved system of bartering was developed in Babylonia too. People used to exchange their goods for weapons, tea, spices, and food items. The popular item used for exchange was salt. Salt was so valuable at that time,
that the salary of Roman soldiers was paid in salt. The main drawback of this system was that there were no standard criteria to determine the value of goods and services, and this resulted in disputes and clashes. These problems were sorted out with the invention of money, but the barter system continued to exist in some form or another.
Difficulties of Barter System:A few major difficulties of the barter system as follows:1. Want of Coincidence:- The first difficulty in the barter system of exchange is that there has to be a double coincidence of wants. Two persons can have barter exchange only if their disposable possessions mutually suit each other's needs. In barter trading, thus, two parties must agree on their mutual exchange, which is possible only if there exists a double coincidence of wants. That is, one party must want a commodity which the other party wants to dispose of and the former must have disposable possession of the commodity that is desired in exchange by the latter. In a barter, therefore, a person who wants to exchange his goods for some other goods has not only to find another person who possesses what he needs but who, at the same time, has a desire for what he has to offer. In practice, it is difficult always to have such double coincidence of wants and, therefore, there are delays in transactions, and a considerable amount of time and effort is wasted in effectuating the exchanges.
BY: VIKRAM.G.B Lecturer, P.G Dept of Commerce Vivekananda Degree College, Bangalore-55
Clearly, trade and business cannot develop rapidly in a barter economy for want of coincidence. Barter as such is a high barrier to economic progress. 2. Lack of a Common Measure of Value:- Another serious difficulty of the barter is that it lacks any common measures of value or unit of account. In the absence of a well-defined unit of account, in barter, the values of goods are measured in a relative sense; hence there is no absolute measurement of value. Since the value of each commodity can be expressed in terms of every other commodity, one has to remember a large number of cross relations of values in exchange for different goods which is physically impossible to do when there are an infinite number of commodities. Under such conditions, no meaningful accounting system can be evolved. 3. Want of a Means of Sub-division:- Barter exchange also suffers from a severe inconvenience on account of indivisibility of many kinds of goods. One can easily portion out a bag of food-grains, a basket of fruits, etc. which are divisible goods and can give more or less in exchange for what is wanted. But, the real difficulty arises in the process of exchange between indivisible and divisible goods. For instance, a horse is not divisible and cannot be exchanged in parts against different divisible goods like rice, sugar, potatoes, etc. thus, barter trade between divisible and indivisible goods in small values cannot be carried on without a loss of value. In a barter system, smooth exchange operations are impossible for want of a means of sub-dividing and distributing values according to people's varying requirements. 4. Lack of Standard of Deferred Payments:- Another drawback of barter is that it lacks a standard of deferred payments, so that contracts involving future payments or loan transactions cannot take place with ease in such a system. Credit transactions cannot be promoted smoothly under barter trading. Chance of controversy about the quality of goods or services to be repaid can arise. There will be no easy agreement on the mode of repayment. Credit transactions would also involve high risks to both parties as the real value of a commodity to be repaid may drastically increase or decrease in future. 5. Lack of Efficient Store of Value:- A major inconvenience of barter is the lack of facility to store value or the lack of existence of a generalized purchasing power. Under barter, people can store value for future use by storing wealth, but the difficulty arises when wealth consists of perishable goods. Moreover, the store of value in terms of real wealth involves cost and further, the problem of storing the goods arises. In addition, bulky goods cannot be easily exchanged for other goods as and when required. A quick exchange sometimes involves a heavy loss, too. It follows that the barter economy is a highly inefficient economy of exchange. With the progress of civilization and economic expansion, these difficulties and inconveniences of the barter system become more pronounced. To overcome these drawbacks, some kind of money was invented and evolved in every society.
-:Money:The word money is derived from the Latin word Moneta which is the surname of the Roman Goddess of Juno in whose temple at Rome, money was coined. Money has been defined differently by different economists as there is no unanimity over its definition, either as a concept in economic theory or as measured in practice. Some definitions are too extensive while others are too narrow. In the words of Walker, Money is what money does. Money is usually understood as a current medium of exchange in the form of coins and banknotes; coins and banknotes collectively. But in clear terms, Money is a token or item which acts as a medium of exchange that has both legal and social acceptance with regards to making payment for buying commodities or receiving services, as well as repayment of loans. Thus, Money is any good that is widely used and accepted in transactions involving the transfer of goods and services from one person to another. Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given socio-economic context or country.
Stages in the Evolution of Money:The evolution of money has passed through the following stages depending upon the progress of human civilization at different times and places. Commodity Money Metallic Money Paper Money Credit Money Near Money
Functions of Money:- Various functions of money can be classified into three broad groups:
(a) Primary functions, which include the medium of exchange and the measure of value; (b) Secondary functions which include standard of deferred payments, store of value and transfer of value; and (c) Contingent functions which include distribution of national income, maximization of satisfaction, basis of credit system, etc. These functions have been explained below:
Primary Functions:1. Medium of Exchange:- The most important function of money is to serve as a medium of exchange or as a means of payment. To be a successful medium of exchange, money must be commonly accepted by people in exchange for goods and services. While functioning as a medium of exchange, money benefits the society in a number of ways: (a) It overcomes the inconvenience of barter system (i.e., the need for double coincidence of wants) by splitting the act of barter into two acts of exchange, i.e., sales and purchases through money. (b) It promotes transactional efficiency in exchange by facilitating the multiple exchanges of goods and services with minimum effort and time, (c) It promotes allocation efficiency by facilitating specialization in production and trade, (d) It allows freedom of choice in the sense that a person can use his money to buy the things he wants most, from the people who offer the best bargain and at a time he considers the most advantageous. 2. Measure of Value: Money serves as a common measure of value in terms of which the value of all goods and services is measured and expressed. By acting as a common denominator or numerator, money has provided a language of economic communication. It has made transactions easy and simplified the problem of measuring and comparing the prices of goods and services in the market. Prices are but values expressed in terms of money. Money also acts as a unit of account. As a unit of account, it helps in developing an efficient accounting system because the values of a variety of goods and services which are physically measured in different units (e.g, quintals, metres, litres, etc.) can be added up. This makes possible the comparisons of various kinds, both over time and across regions. It provides a basis for keeping accounts, estimating national income, cost of a project, sale proceeds, profit and loss of a firm, etc. To be satisfactory measure of value, the monetary units must be invariable. In other words, it must maintain a stable value. A fluctuating monetary unit creates a number of socio-economic problems. Normally, the value of money, i.e., its purchasing power, does not remain constant; it rises during periods of falling prices and falls during periods of rising prices.
Secondary Functions:1. Standard of Deferred Payments:- When money is generally accepted as a medium of exchange and a unit of value, it naturally becomes the unit in terms of which deferred or future payments are stated. Thus, money not only helps current transactions though functions as a medium of exchange, but facilitates credit transaction (i.e., exchanging present goods on credit) through its function as a standard of deferred payments. But, to become a satisfactory standard of deferred payments, money must maintain a constant value through time; if its value increases through time (i.e., during the period of falling price level), it will benefit the creditors at the cost of debtors; if its value falls (i.e., during the period of rising price level), it will benefit the debtors at the cost of creditors. 2. Store of Value:- Money, being a unit of value and a generally acceptable means of payment, provides a liquid store of value because it is so easy to spend and so easy to store. By acting as a store of value, money provides security to the individuals to meet unpredictable emergencies and to pay debts that are fixed in terms of money. It also provides assurance that attractive future buying opportunities can be exploited. Money as a liquid store of value facilitates its possessor to purchase any other asset at any time. It was Keynes who first fully realised the liquid store value of money function and regarded money as a link between the present and the future. This, however, does not mean that money is the most satisfactory liquid store of value. To become a satisfactory store of value, money must have a stable value. 3. Transfer of Value: Money also functions as a means of transferring value. Through money, value can be easily and quickly transferred from one place to another because money is acceptable everywhere and to all. For example, it is much easier to transfer one lakh rupees through bank draft from person A in Amritsar to person B in Bombay than remitting the same value in commodity terms, say wheat.
Contingent Functions:1. Distribution of National Income:- Money facilitates the division of national income between people. Total output of the country is jointly produced by a number of people as workers, land owners, capitalists, and entrepreneurs, and, in turn, will have to be distributed among them. Money helps in the distribution of national product through the system of wage, rent, interest and profit. 2. Maximization of Satisfaction:- Money helps consumers and producers to maximize their benefits. A consumer maximizes his satisfaction by equating the prices of each commodity (expressed in terms of money) with its marginal utility. Similarly, a producer maximizes his profit by equating the marginal productivity of a factor unit to its price.
3. Basis of Credit System:- Credit plays an important role in the modern economic system and money constitutes the basis of credit. People deposit their money (saving) in the banks and on the basis of these deposits, the banks create credit. 4. Liquidity to Wealth:- Money imparts liquidity to various forms of wealth. When a person holds wealth in the form of money, he makes it liquid. In fact, all forms of wealth (e.g., land, machinery, stocks, stores, etc.) can be converted into money.
Role of Money:- Money is of vital importance to the operation of the national and international economy.
Money plays an important role in the daily life of a person whether he is a consumer, an academician, a politician or an administrator. The importance of money in a modern economy is stated below. Money is of vital importance to an economy due to its static and dynamic roles. Its static role emerges from its static or traditional functions. In its dynamic role, money plays an important part in the life of every citizen and in the economic system as a whole.
Static Role of Money:- In its static role, the importance of money lies in removing the difficulties of barter in
the following ways:1. By serving as medium of exchange, money removes the need for double coincidence of wants and inconveniences and difficulties associated with barter. 2. By acting as a measure of value, Money serves as a common measure of value in terms of which the value of all goods and services is measured and expressed. The measurement of the values of goods and services in the monetary unit facilitates the problem of measuring the exchange values of goods in the market. 3. Money acts as a standard of deferred payments, Money not only helps current transactions though functions as a medium of exchange, but facilitates credit transaction (i.e., exchanging present goods on credit) through its function as a standard of deferred payments. By this money has simplified both taking and repayment of loans. It also over comes the difficulty of indivisibility of commodities. 4. By acting as a store of value, Money removes the problem of storing of commodities under barter. Money being the most liquid asset can be kept for long periods without deterioration or wastage. 5. Under barter, it was difficult to transfer value in the form of animals, grains, etc. from one place to another. Money removes this difficulty by facilitating transfer of value from one place to another.
Dynamic Role of Money:- In its dynamic role money plays an important role in the daily life of a person
whether he is a consumer, a businessman, an academician, a politician or an administrator. It influences the economy in a number of ways.
Value of Money:Value of money refers to Purchasing power of money over goods and services. It is a relative concept which explains the relationship between a unit of money and goods and services which can be purchased with it. Types of Value of money: Internal and External Value of money Internal value of money: It refers to the purchasing power of money over domestic goods and services. External value of money: It refers to the purchasing power of money over foreign goods and services. Money doesn't have any inherent value. It is simply pieces of paper or numbers in a ledger. Money has no more use than any other piece of paper. It didn't always work this way. In the past money was in the form of coins, generally composed of precious metals such as gold and silver. The value of the coins was roughly based on the value of the metals they contained, because you could always melt the coins down and use the metal for other purposes. Until a few decades ago paper money in different countries was based on the gold standard or silver standard or some combination of the two. This meant that you could take some paper money to the government, who would exchange it for some gold or some silver based on an exchange rate set by the government. So why does a Hundred rupee note have value and some other pieces of paper do not? Its because, Money is a good with a limited supply and there is a demand for it because people want it. The reason I want money is because I know other people want money, so I can use my money to others to get goods and services from them in return. They can then use that money to purchase goods and services that they want. Goods and services are what ultimately matter in the economy, and money is a way that allows people to give up goods and services which are less desirable to them, and get ones that are more so. People sell their labor (work) to acquire money now to purchase goods and services in the future. If I believe that money will have a value in the future, I will work towards acquiring some. Our system of money operates on a mutual set of beliefs; so long as enough of us believe in the future value of money the system will work. What could cause us to lose that belief? It is unlikely that money will be replaced in the near future, because the inefficiencies of a dual coincidence of wants system are well known. If one currency is to be replaced by another, there will be a period in which you can switch your old currency for new currency. This is what happened in Europe when countries switched over to the Euro. So our currencies are not going to disappear. Money is essentially a good, so as such is ruled by the axioms of supply and demand. The value of any good is determined by its supply and demand and the supply and demand for other goods in the economy. A price for any good is the amount of money it takes to get that good. Inflation occurs when the price of goods increases.
In other words when money becomes less valuable relative to those other goods. This can occur when: 1. 2. 3. 4. The supply of money goes up. The supply of other goods goes down. Demand for money goes down. Demand for other goods goes up.
The key cause of inflation is increases in the supply of money. Inflation can occur for other reasons. If a natural disaster destroyed stores but left banks intact, wed expec t to see an immediate rise in prices, as goods are now scarce relative to money. These kinds of situations are rare. For the most part inflation is caused when the money supply rises faster than the supply of other goods and services. Money has value because people believe that they will be able to exchange their money for goods and services in the future. This belief will persist so long as people do not fear future inflation. To avoid inflation, the government must ensure that the money supply does not increase too quickly.
Quantitative Theory of Money:The concept of the quantity theory of money (QTM) began in the 16th century. As gold and silver inflows from the Americas into Europe were being minted into coins, there was a resulting rise in inflation. The quantity theory descends from Copernicus, followers of the School of Salamanca, Jean Bodin, and various others who noted the increase in prices following the import of gold and silver, used in the coinage of money, from the New World. The equation of exchange relating the supply of money to the value of money transactions was stated by John Stuart Mill who expanded on the ideas of David Hume. The quantity theory was developed by Simon Newcomb, Alfred de Foville, Irving Fisher, and Ludwig von Mises in the latter 19th and early 20th century, while it had been argued against by Karl Marx. The theory was influentially restated by Milton Friedman in response to Keynesianism The idea is that, the money supply will directly impact both prices and inflation rates. The quantity theory of money states that there is a direct relationship between the quantity of money in an economy and the level of prices of goods and services sold. According to QTM, if the amount of money in an economy doubles, price levels also double, causing inflation (the percentage rate at which the level of prices is rising in an economy). The consumer therefore pays twice as much for the same amount of the good or service. Another way to understand this theory is to recognize that money is like any other commodity: increases in its supply decrease marginal value (the buying capacity of one unit of currency). So an increase in money supply causes prices to rise (inflation) as they compensate for the decrease in moneys marginal value.
The Theorys Calculations In its simplest form, the theory is expressed as: MV = PT (the Fisher Equation) Each variable denotes the following: M = Money Supply V = Velocity of Circulation (the number of times money changes hands) P = Average Price Level T = Volume of Transactions of Goods and Services
Assumptions:QTM adds assumptions to the logic of the equation of exchange. In its most basic form, the theory assumes that V (velocity of circulation) and T (volume of transactions) are constant in the short term. The theory also assumes that the quantity of money, which is determined by outside forces, is the main influence of economic activity in a society. A change in money supply results in changes in price levels and/or a change in supply of goods and services. Finally, the number of transactions (T) is determined by labor, capital, natural resources (i.e. the factors of production), knowledge and organization. The theory assumes an economy in equilibrium and at full employment. Essentially, the theorys assumptions imply that the value of money is determined by the amount of money available in an economy. An increase in money supply results in a decrease in the value of money because an increase in money supply causes a rise in inflation. As inflation rises, the purchasing power, or the value of money, decreases. It therefore will cost more to buy the same quantity of goods or services.
Explanation with the help of figures:
Figure 1: Sample money market The value of money is ultimately determined by the intersection of the money supply, as controlled by the Fed, and money demand, as created by consumers. Figure 1 depicts the money market in a sample economy. The money supply curve is vertical because the Fed sets the amount of money available without consideration for the value of money. The money demand curve slopes downward because as the value of money decreases, consumers are forced to carry more money to make purchases because goods and services cost more money. Similarly, when the value of money is high, consumers demand little money because goods and services can be purchased for low prices. The intersection of the money supply curve and the money demand curve shows both the equilibrium value of money as well as the equilibrium price level.
Figure 2: Sample shift in the money market The value of money, as revealed by the money market, is variable. A change in money demand or a change in the money supply will yield a change in the value of money and in the price level. Notice that the change in the value of money and the change in the price level are of the same magnitude but in opposite directions. An increase in the money supply is depicted in Figure 2. Notice that the new intersection of the money supply curve and the money demand curve is at a lower value of money but a higher price level. This happens because more money is in circulation, so each bill becomes worth less. It takes more bills to purchase goods and services, and thus the price level increases accordingly.
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Friedmans restatement of the quantity theory of money:Keynesians discarded traditional quantity theory of money, which specified a proportionate relationship between money and prices, after publication of the general theory by Keynes. But it was only in the later 1950s that the theory underwent a revival and re-emerged under the leadership of Milton Friedman. In his book, Studies in the Quantity Theory of Money in 1956, Friedman contributed an article, The quantity theory of money- A restatement that heralded the re-emergence of the quantity theory. Friedman points out that the approach of Chicago economists is a theoretical one. The essence of it lies in its insistence that money does matter and that any interpretation of short term movements in economic activity is seriously at fault and is often misleading. Reformulation of Quantity Theory: Friedman in his reformulation of the theory, he asserts the quantity theory is in the first instance a theory of demand for money. It is not a theory of output, or of money income or of the price level. Further, his analysis is based on the general theory of demand. It is more in conformity with the real life situation. According to him, the demand for money depends on three factors: a) Total wealth to be held in the form of different assets b) Relative price of and return on one from of wealth as compared to other forms and, c) Tastes and preferences of the wealth holders. The cost of holding cash balances is influenced by the rate of interest, and expected rate of change in the price level. Friedman in his demand function of money analysis used various forms of wealth, which are presented below: Total wealth: Total wealth comprises of different assets possessed by an individual. In actual life estimates of total wealth are not available and therefore Friedman says that income maybe taken as a proxy for total wealth. Friedman has therefore, substituted permanent income for wealth. Human & Nan-Human wealth: Total wealth comprises of both human and non -human w e a l t h , b u t t h e r e a r e c e r t a i n l e g a l a n d i n s t i t u t i o n a l c o n s t r a i n t s i n c o n v e r t i n g h u m a n wealth into non-human wealth. To avoid this difficulty Friedman has used the ratio of non-human to human wealth as a variable in the demand function. Money: Since money is primarily a medium of exchange, it real yields depends upon the p r i c e i n d e x b e c a u s e i t i s t h e l e v e l o f p r i c e s w h i c h g o v e r n s t h e a b i l i t y o f m o n e y t o command goods and services.
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Bond: Bond is a perpetual source of money. Its yield depend upon the expected variations in the market interest rate, because it consists of the sum of its coupon plus expected capital gain or minus expected capital loss. Equity: Equity is like a bond, but it yields an income stream, which maintains constant purchasing power. The yield on equity comprises three components: a) Its coupon value b) Expected capital gain or loss due to variations in ra tes of interest and c ) E x p e c t e d changes in the general price level. Commodities: Possession of physical goods provides an income to the owners in kind which is not measurable. But, their real return varies with the changes in the price level. Friedman uses the nominal yield of commodities to consist their expected rate of price change per unit of time. Human Capital: Since there is no market price for human capital, the rate of return on this form of wealth cannot be calculated. Other Variables: Friedman uses U to indicate other factors, which influence individuals tastes and preferences for money. By combining all the factors described above we can obtain the following demand function for money M = F ( Y, W, P, yb, ye, yc, u ) Where M= aggregate demand for money: Y= total flow of income: W= ratio of non -h u m a n t o h u m a n w e a l t h : P = p r i c e l e v e l : y b = m a r k e t b o n d i n t e r e s t r a t e : y e = e q u i t y yields: yc = expected rate of change of prices of commodities and u = utility determined variables which tend to influence tastes and preferences. In the above equation. The demand for money function is independent of the normal units used for measuring money variables which means that the demand for money changes in proportion to the changes in the unit in which prices and money income are indicated. It thus expresses that if price level and money increase to ^ times their original level, demand for money also increased to ^ times it original quantity, this can be expressed as follows: ^M =F(^Y, W, ^P, yb,ye,yc, u) In this equation if ^ is replaced by 1/Y, it adopts the form of the quantity theory of moneyas follows:
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M/Y = f( f(W,P/Y, yb,ye,yc,u) ) =1 --------------------v(W,Y/P,yb,ye,yc,u)Y = f ( W,Y/P,yb,ye,yc,u), M Thus according to Friedman, a change in the stock of money brings about changes in the same direction in the price level or income or both, so long as the demand for money r e m a i n s s t a b l e , a c h a n g e i n i t s s u p p l y w i l l b r i n g a b o u t c h a n g e i n t h e p r i c e l e v e l , t h e money supply also affects the real value of national income and economic activity, only in the short period. Friedman firmly holds that as long as the demand for money remains stable the effects of changes in the money supply on total expenditure and income can be predicted. If the economy is operating at less than full employment, an increase in the supply of money will increase the level of output and employment through an increase in aggregate expenditure. But this will apply only to a very short period, because other factors will come into operation to bring the economy back to less than full employment level, that is why Friedman and his followers believed that the supply of money do not a f f e c t t h e r e a l v a r i a b l e s i n t h e l o n g r u n . W h e n t h e e c o n o m y i s o p e r a t i n g a t f u l l employment level an increase in the supply of money will raise the price level. Critical Evaluation of Restatement of quantity theory:Friedman in his definition of money includes not only currency and demand deposits, but time deposits with commercial banks as well; this means that the demand for money will not be very much interest-elastic. If the interest on time deposits increases, their demand will rise, but, at the same time the demand for currency and demand deposits will fall, sothe effect of the rate of interest on the demand for money would be just very little, again, Friedman does not made choice between long and short-term rates of interest because in p r a c t i c e , f o r d e m a n d d e p o s i t s a s h o r t - t e r m r a t e s w i l l b e p r e f e r a b l e a n d f o r t h e t i m e deposits a long term rate will be preferable. Hence, such a rate of interest structure will definitely influence the demand for money. Friedman, in his demand for money function prefers wealth variables to income. He holds that both wealth and income variables operate simultaneously, which is not correct. A c c o r d i n g t o J o h n s o n w e a l t h i s t h e p r e s e n t v a l u e o f i n c o m e w h i c h i s t h e r e t u r n o n wealth By including time deposits in the arena of money Friedman has considered money as aluxury goods most probably because he found that in the United States the trend rate of the money supply was higher than the income. But is not so with every economy.
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According to Friedman money supply is exogenous, because the monetary authorities change it in an exogenous manner His findings are based on the data collected from the United States. The neo-Keynesians who have verified the data hold that even in the USA the money supply is not exclusively exogenous; it contains lot of endogenous element in it. Friedman has failed to recognize the importance of factors like prices, output, and rate of interest etc in affecting the money supply. Professor Kaldor has found no evidence in support of a positive correlation between money supply and money GNP established by Friedman. According to kaldor, in Britain, the best correlation is to be found between the quarterly variations in the cash holdings of the public held in the form of currency notes and coins and corresponding changes in personal consumption at market prices. Friedman has not indicated the length of the period of time to which his theory would be applicable. The validity of these criticisms can hardly be questioned. But Friedmans contribution to the theory of money can also not be pushed aside. Johnson has rightly said Friedmans application to monetary theory of the b a s i c principle of capital theory is probably the most important development in monetary theory since Keynes General theory. Its theoretical significance lies in the conceptual integration of wealth and income as influences on behavior. Friedman analysis of demand for money is based on the theory of demand. According to h i m t h e demand for money depends on total wealth, relative price and tastes a n d preferences. He emphasized more on the price level rather than the rate of interest. The demand function of money is stable than the Keynes consumption function. He means that it is stable in terms of the variables which determine its value.
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Module 1:- MONEY

Explanation with the help of figures:

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