Define a Money ? Explain the demand for money (Classical and Keynesian) 5 + 10 = 15 marks.
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Money is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy. ... Money originates in the form of a commodity, having a physical property to be adopted by market participants as a medium of exchange.
Simply put, the difference between these theories is that monetarist economics involves the control of money in the economy, while Keynesian economics involves government expenditures. Monetarists believe in controlling the supply of money that flows into the economy while allowing the rest of the market to fix itself.
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