“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.”
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.
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L. Randall Wray 4
American economist 1953Related quotes
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Source: The Poker Face of Wall Street (2006), Chapter 5, Pokernomics, p. 127

“Exchange value forms the substance of money, and exchange value is wealth.”
Grundrisse (1857-1858)
Source: Notebook II, The Chapter on Money, p. 141.

"Publisher's Statement", in the first issue of National Review (19 November 1955).
Context: Radical conservatives in this country have an interesting time of it, for when they are not being suppressed or mutilated by Liberals, they are being ignored or humiliated by a great many of those of the well-fed Right, whose ignorance and amorality have never been exaggerated for the same reason that one cannot exaggerate infinity.
There are, thank Heaven, the exceptions. There are those of generous impulse and a sincere desire to encourage a responsible dissent from the Liberal orthodoxy. And there are those who recognize that when all is said and done, the market place depends for a license to operate freely on the men who issue licenses — on the politicians. They recognize, therefore, that efficient getting and spending is itself impossible except in an atmosphere that encourages efficient getting and spending. And back of all political institutions there are moral and philosophical concepts, implicit or defined. Our political economy and our high-energy industry run on large, general principles, on ideas — not by day-to-day guess work, expedients and improvisations. Ideas have to go into exchange to become or remain operative; and the medium of such exchange is the printed word.

Grundrisse (1857-1858)
Source: Notebook I, The Chapter on Money, p. 85.

Source: Humanity Comes of Age, A study of Individual and World Fulfillment (1950), Chapter VII The Council for Economics

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