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The Kelsonian Binary Model

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Questions and Answers

According to Louis O. Kelso, money is not a physical factor of production, but rather a ________ for measuring economic input, economic outtake, and the relative values of the real goods and services of the economic world.

commodity

currency

medium of exchange

yardstick (correct)

Money provides a method of measuring , , , and .

wages, salaries, profits, and losses

supply, demand, production, and consumption

obligations, rights, powers, and privileges (correct)

wealth, income, expenses, and savings

Money is a system of ________ whereby certain individuals can accumulate claims against others, or against the economy as a whole, or against many economies.

exchange rates

barter

debt

credit (correct)

What is necessary for balanced growth in a market economy?

Widespread individual ownership of productive capital Signup and view all the answers

What is the challenge presented in the paper?

To demonstrate mathematically how Say's Law of Markets can be reconciled with the classical quantity theory of money Signup and view all the answers

What is the ultimate aim of the paper?

To present a logical and unified market system that combines economic efficiency with economic justice Signup and view all the answers

Money is considered a 'social good' because it is:

An artifact of civilization Signup and view all the answers

How can money be used unjustly?

By controlling the natural creativity of the many Signup and view all the answers

What is the classic definition of inflation according to the text?

Too few goods chasing too many dollars Signup and view all the answers

How would the proposed model of development control prices, wages, and interest rates?

By competitive market forces Signup and view all the answers