Numeraire
From Mises Wiki, the global repository of classical-liberal thought
Numeraire is an abstract unit of account in a system of social accounting advocated by certain monetary reformers who have held that its use in place of money would provide a perfectly neutral medium for recording exchanges and one which would have no effect on the exchange ratios of market transactions.
The concept of such a numeraire is illusory and its employment in economic thinking is misleading.[1]
References
- ↑ Percy L. Greaves, Jr. "Mises Made Easier ", 1974. Referenced 2014-08-17.
