“Money was intended to be used in exchange, but not to increase at interest.”

— Aristotle, book Politics

Book I, 1258b.4
Politics
Context: Money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money because the offspring resembles the parent. Wherefore of all modes of getting wealth this is the most unnatural.

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Classical Greek philosopher, student of Plato and founder o… -384–-321 BC

Timothy Quill (1901–1960) Early Dáil member, cooperative organiser, agriculturalist

The Cork Co-Operator (1939)

“Exchange value forms the substance of money, and exchange value is wealth.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Grundrisse (1857-1858)
Source: Notebook II, The Chapter on Money, p. 141.

“Money as a medium of exchange becomes important when workers are paid in medium of exchange rather than in wage goods directly. Since wage goods constitute the majority of goods produced (particularly in the early stages of development), it is tempting (but misleading) to focus on exchanges and on money as a medium of exchange [like the neo-classicals]. Once capitalist production dominates the economy, money becomes universally important: money operates as a medium of exchange and money hoards provide a measure of security. However, production involves goods and services now in exchange for a promise to pay in the future. That is, money is involved in the production process because production is time-based and involves debt commitments. If one only focuses on the use of money in exchange or as a store of value, one ignores how money creation is inextricably related to time-based production in private property economies.”

L. Randall Wray (1953) American economist

Source: Money and Credit in Capitalist Economies, 1990, p. 10; Cited in Howard Stein. "Theories of institutions and economic reform in Africa." World Development 22.12 (1994): 1833-1849.

“All exchange stimulates productive activity, whether exchange by gift, gambling, barter, or money transaction.”

Aaron C. Brown (1956) American financial analyst

Source: The Poker Face of Wall Street (2006), Chapter 5, Pokernomics, p. 127

“But further analysis and experience soon raised doubts about the efficacy of these new tools. Empirical research indicated that the Keynesian multiplier was much smaller than earlier analyses had assumed, reduced by a crowding out of interest-sensitive spending caused by an induced increase in the demand for money and by the effect of the larger national debt on long-term interest rates. The leakage of demand through imports and the effect of the fiscal expansion on the exchange rate further reduced the multiplier.”

Martin Feldstein (1939–2019) American economist

"Rethinking the Role of Fiscal Policy" (2009).

“Inflation may be defined as any increase in the economy's supply of money not consisting of an increase in the stock of the money metal.”

Murray N. Rothbard book What Has Government Done to Our Money?

What Has Government Done to Our Money? (1980)

“Inflation is an increase in the quantity of money without a corresponding increase in the demand for money, i. e., for cash holdings.”

Ludwig von Mises (1881–1973) austrian economist

The Free Market and Its Enemies, speech to the Foundation for Economic Education https://fee.org/library/books/the-free-market-and-its-enemies/ (1951)

“What was needed was a policy that increased the supply of money available for use and then ensured its use. Then the state of trade would have to improve.”

John Kenneth Galbraith (1908–2006) American economist and diplomat

Source: Money: Whence It Came, Where It Went (1975), Chapter XVI, The Coming of J.M. Keynes, p. 217

“A city that pretends to be nothing but what it is, an enormous machine of exchange - of spectacle for money, of sensation for money, of money for more money, of pleasure for whatever be tomorrow's abstract cost.”

David Foster Wallace book Consider the Lobster

Big Red Son, on Las Vegas, NV
Consider the Lobster (2007)

“Miracles, signs, wonders, deliverance and healing cannot be exchanged with money.”

T. B. Joshua (1963) Nigerian Christian leader

Speaking during his 2014 Colombia Crusade - "TB Joshua Lights Up Colombia, Fills Olympic Stadium" http://bulawayo24.com/index-id-news-sc-religion-byo-50760.html Bulawayo 24, Zimbabwe (July 17 2014)

“Money was intended to be used in exchange, but not to increase at interest.”

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