'Money is what money does'. Explain.

Money is what money does. This definition of money, given by Walker, mainly focuses on the various functions of money that are performed by it. Money is generally defined as the medium of exchange that can be measured, stored and can be used as a standard of deferred payment. These four functions (namely medium of exchange, a measure, a store of value and standard of deferred payment), are the basic purposes for which money is used.

The four functions of money are extensively covered in our NCERT solutions. You can find it at the below mentioned link.


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