Money pp 248-262 | Cite as

Money in Economic Activity

  • D. Foley
Part of the The New Palgrave book series (NPA)


Money is a social relation. Like the meaning of a word, or the proper form of a ritual, it exists as part of a system of behaviour shared by a group of people. Though it is the joint creation of a whole society, money is external to any particular individual, a reality as unyielding to an individual’s will as any natural phenomenon.


Economic Activity Monetary Policy Central Bank Commodity Production Monetary Theory 
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Copyright information

© Palgrave Macmillan, a division of Macmillan Publishers Limited 1989

Authors and Affiliations

  • D. Foley

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