Shortly after I purchased the book
NEW MONEY FOR HEALTHY COMMUNITIES (published 1994) (Thomas Greco) from bookseller "Loompanics" -
[
link to www.google.com]
I telephoned Greco and learned something new over the phone.
The list of attributes for money are self-conflicting in at least one place.
Of the first two:
(1)Medium of Exchange; and
(2)Store of Value
It becomes obvious with a bit of thought that these are in conflict; something with a certain store of value will not exchange at any velocity.
This common list of (usually five) attributes usually fails to include a sixth:
(6)Tool of Empire
Nor does anyone ever tell Econ 101 students that these presumptions are generally true for a precious metal coin, but the moment the coin is exchanged for a warehouse receipt the rules change; and...
These presumptions are of an axiomatic nature - if incorrect all derivative conclusions are also in error.
It has since become clear to me that not only should the store of value be given a formal divorce from the medium of exchange, but also the value reference need not be the item stored. This is a more subtle distinction but a truism... IMO.