Essentiality of Money: A Historical Perspective.

This article provides a historical perspective on the concept of essentiality of money and monetary theory. It traces the evolution of monetary theory from classical theory to the division between microeconomics and macroeconomics. The article also discusses the different perspectives of the New Keynesian School and the New Monetarist School on the essential functions of money. It explains the role of money in facilitating economic activity and explores the various forms of money throughout history. The article concludes by emphasizing the significance of essential money and the need for a more comprehensive understanding of its functions in the modern economy. [Extracted from the article]