"The Definition of money is to be sought for not on grounds of principle but on grounds of usefulness in organizing our knowledge of economic relationships. ‘Money’ is that to which we chose to assign a number of specified operations, it is not something in existence to be discovered, like the American continent; it is a tentative scientific construct to be invented, like ‘length’ or ‘temperature’ or ‘force’ in Physics". Friedman, M and Anna J. Schwartz (1970), Monetary Statistics of The U.S, New York, NBER, p 137.
a. Critically examine this passage in the light of the benefits enjoyed by a money-using economy which are not available to the barter economy.
b. Do you think the choice of a particular monetary aggregate, a priori, would have made any difference to economic policy in your Country?
c. Briefly explain the implications of the emergence of digital cash, especially mobile money, for savings mobilization and monetary policy in Ghana
