Rudolf Steiner's approach to money detailed in a 1922 course on economics remains a little studied area. He describes three functions of money (purchase, loan and gift), which can be equated with means of exchange, store of value and unit of account. The exactness of his approach in describing a need to understand money as based on moving global-bookkeeping has proved deeply prescient, though still barely appreciated. Marc Desaules of the Associative Economics Institute has developed his approach further in showing how it find concrete micro application in normal business accounting. Christopher Houghton Budd has shown how this approach might be fruitfully furthered in macro terms by means of auditorial central banking.
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