The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Money in Economic Activity

  • D. Foley
Reference work entry


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.

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • D. Foley
    • 1
  1. 1.