In reply to my comment, Richard wrote:
In order for your comment to have greater validity, wouldn't it help to define the concept "money", to include its purpose and source of creation? Of course everyone uses the term 'money' without giving it a moment of thought as to what it is and how it springs into existence.I suggest a thorough reading of E.C.Riegel
In reply to Richard's comment, I wrote:
These comments tie with my blog post "The NGC Model, Banking and the Creation of Money". The recent comments contain an new idea, which is to identify "gift certificates" as "merchant money". The term "merchant money" translates easily to the money we handle on a daily basis and seems to convey an accurate impression.
Maybe "mercantile money" would be a better term, more general than "merchant money"?
Richard is right. We (as economist) need a crisp conception of money, and how it is created and destroyed. A crisp analog seems to be available in "mercantile money" commonly known as "gift certificates". This "mercantile money" must be created by the merchant, be properly accounted for, be used in trade, and have the possibility of direct dissemination by the merchant in exchange for goods and services.
Our crisp definition for "money" is "Money is a National Gift Certificate". An analog of "money" is "mercantile money", commonly known as a "gift certificate".
I think the crisp definition and analog work.