Keeping in mind the essential use of money as a medium of exchange, various economists have give definitions of money that, apart from identifying the ‘medium of exchange’ function emphasize some other functions as well. Here, we give some main definitions of money:
According to Robertson,
“money is anything which is widely accepted in payment for goods or in discharge of exchange or as standard of value.”
According to Kent,
“money is anything which is commonly used and generally accepted as a medium of exchange or as standard of value”
According to G.D.H Cole,
“money is anything which is habitually and widely used as a means of payment and is generally accepted in the settlement of debts.”
Crowther defines money as,
“anything that is generally acceptable as a means of exchange and at the same time acts as a measure and store of value.”
