ABSTRACT
Fisher defines money as anything that is generally acceptable as such, but he narrows the concept to what he considers ‘real money’ which he divides into ‘primary’ and ‘fiduciary’ money. He excludes deposits from his concept of money. His concern is with analysis of the determination of the purchasing power of money: i.e. command over all goods that are exchanged (other writers define it as command over final goods and services). Purchasing power thus defined is simply the reciprocal of the price level.
