AN ESSAY ON THE NATURE OF MONEY AND ITS SIGNIFICANCE

Abstract

We set out to analyze the essence of money and its relevance in the discussion of the validity of the Austrian Bussiness Cycle Theory. We successfully identify the essential properties of money and conclude it is a present good. To do so, we have used a philosophical and methodological approach that will ensure our conclusions are safe and grounded foundations. More especially, by following a realist-deductive approach typical of the Austrian School of Economics. Finally, we analyze the consequences of our result for the case we set up to study, that is the validity of the ABCT, and to a lesser extent, of the alternative proposed by Juan Ramón Rallo and Antal Fekete