This article is an attempt to sketch a philosophical view of money as a social phenomenon. I show that the way to understand the substance of money is to analyze its meaning as a medium of exchange in connection with its meaning as a purpose of exchange, thereby providing an investigation of its social value. This approach has been used by many of the great philosophers and economists of the past, but not today. Modern economics is a policy oriented theoretical discipline and concentrates its efforts on solving practical tasks. I hope to contribute a philosophical approach to economic research.
Money is a reality, a permanent feature of our everyday lives.
Money creates problems when we do not have it, and yet more problems when we do have it. Money makes us both master and slave. Our power over money is real only inasmuch as we are able to understand its power over us. Man has sought to understand the essence of money for many centuries. Philosophers and economists, statesmen, writers, even poets have written about money.