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McCloskey, D. N. (2016). Fungibility. In The New Palgrave Dictionary of Economics (pp. 1–1). London: Palgrave Macmillan UK. Added by: Rucknium (2022-03-09 21:25) Last edited by: Rucknium (2022-03-09 21:31) |
| Resource type: Book Article DOI: 10.1057/978-1-349-95121-5_1021-1 ID no. (ISBN etc.): 978-1-349-95121-5 BibTeX citation key: McCloskey1987 View all bibliographic details  |
Categories: Not Monero-focused Creators: McCloskey Publisher: Palgrave Macmillan UK (London) Collection: The New Palgrave Dictionary of Economics |
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mccloskey1987.pdf  [17/804]
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URLs https://doi.org/10 ... 349-95121-5_1021-1 |
| Abstract |
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Fungibility is a central notion in economics, though often unnoticed and unnamed. It means merely `substitutable', and is in origin a Latin legal term meaning `such that any unit is substitutable for another' (from fungor meaning `do, discharge'). A debt can be discharged with any money, not merely moneys from a particular account. The task of a low-level administrator is to make accounts fungible with each other, so that pencil money may be spent for office parties when required; the task of a high-level administrator is to prevent this. Mother cannot give money `for' a new refrigerator: the gift merely raises the recipient's income. Likewise the World Bank rule that the items `financed by' the Bank must attain a certain level of social return is pointless. The {$}100 million given to a government will be used anyway for the marginal project in the government's list; the project `for which the money is given' can be claimed to be any intramarginal one.
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| Quotes |
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Fungibility is a central notion in economics, though often unnoticed and unnamed. It means merely ‘substitutable’, and is in origin a Latin legal term meaning ‘such that any unit is substitutable for another’ (from fungor meaning ‘do, discharge’). A debt can be discharged with any money, not merely moneys from a particular account. The task of a low-level administrator is to make accounts fungible with each other, so that pencil money may be spent for office parties when required; the task of a high-level administrator is to prevent this. Mother cannot give money ‘for’ a new refrigerator: the gift merely raises the recipient’s income. Likewise the World Bank rule that the items ‘financed by’ the Bank must attain a certain level of social return is pointless. The $100 million given to a government will be used anyway for the marginal project in the government’s list; the project ‘for which the money is given’ can be claimed to be any intramarginal one.
Comments: Quote is the full text of the dictionary entry. Added by: Rucknium (2022-03-09 21:31:02) |