Many studies are concerned with what the functions of money are, but not as much with what money actually is. This text will try to advance the knowledge on this matter in several steps. It begins with a brief summary of the history of money and the different forms it has taken throughout certain historical periods. Then it continues by outlining the key moments in the development of the theories of money. By capitalising on the information gained from them, this article will reach a point which will provoke the necessity of alalysing the relationship between the constructive elements of money – “object“ and “property“ – and their relationship with the state. As a result, the theories that have been covered will be advanced in a manner that will bring forward the pivotal moments in the development of the logic behind the nature of money. This will provide analytical tools for a more precise understanding of the process of wealth creation and the potential of its empirical measurement.
Dimitar Katsarski (Mon,) studied this question.