For example, they use “monies” to describe funds that are coming from multiple sources, so by saying “federal monies” you’re showing that it’s coming from more than one pot of federal money. To me, it seems like “money” would work in every case where I see the word “monies.” For example, one of the examples in Merriam-Webster reads, “Most of the project is being paid for by federal monies.” To my ear, it would work just as well and mean the same thing to say, “The project is being paid for with federal money,” but finance people tell me it actually does have a slightly different meaning. If you’ve listened to this podcast before, you know that most things don’t bother me, but I have to confess “monies” annoys me a bit. ‘Monies’: I Don’t Like It, but It’s Not Going Away The bigger question is since “money” is already a mass noun, why do we need “monies” no matter how we spell it? Both Garner and The Cambridge Guide to English Usage explain that “monies” is usually used by legal or finance writers to talk about “individual sums” or “discrete sums” of money. Yet general usage in the UK and US is clearly in favor of ‘monies.’” Why Do We Need a Plural for ‘Money’? It seems as if dictionaries and style guides are lagging actual usage, and I’m not the only person to notice. The Cambridge Guide to English Usage also notes that “‘Moneys’ is given preference over ‘monies’ in all dictionaries. Opens in a new windowThe frequency of monies and moneys in Google Books over time.ĭictionaries and Style Guide Don’t Match Actual Usage In the early 1800s, the “-ies” spelling was most common, but the “-eys” spelling took over strongly until the mid-1970s. But since then, “monies” has become more popular in both books that Google has scanned and in the “New York Times.” The magazine “The Economist” also appears to favor the “monies” spelling. The most popular spelling of “monies/moneys” has varied dramatically over the last 200 years. Garner’s Modern English Usage and the AP Stylebook both say “moneys” is the better spelling, but it’s not nearly as clear when you go look at what publications are actually using. The “-ies” spelling always looks like it should be pronounced “monies” to me because it looks like “ponies” with an M, and then I think of Billy Idol, but that’s just my problem. You’d never say “a money.” But the word does have two acceptable plurals: “moneys” and “monies.” The singular word “money” is always a mass noun, like “water” or “furniture.” This item may be available elsewhere in EconPapers: Search for items with the same title.Ha! Well, it’s an interesting question, Michael. References: View references in EconPapers View complete reference list from CitEc New Economics Papers: this item is included in nep-com, nep-fdg, nep-fmk, nep-his, nep-hme, nep-ind, nep-mon, nep-pay and nep-reg JEL-codes: B25 D40 E42 E50 E51 L11 (search for similar items in EconPapers) ![]() Keywords: Hayek Cryptocurrencies Functions of Money Currency Competition NetworkEffects Monopol (search for similar items in EconPapers) Competition is much less pronounced for the function as a means of exchange and network effects and monopolistic tendencies are more likely to be present on this sub-market. Competition is also strong for stablecoins when competing as a stable store of value. We find that competition is strong for unpegged cryptocurrencies that mostly compete as a speculative store of value. ![]() ![]() Drawing on a large sample of 101 cryptocurrencies and a time frame from 2016 to 2022, we empirically examine the evolution and degree of competition on the crypto market, also taking changes in general crypto market structure into account. We argue that competition between private currencies could run on different functions of money, especially the function as a store of value and that as a means of exchange, which partly explains the differences in the set-up of private currencies that Hayek demanded and that of cryptocurrencies. Interestingly, Hayek never considered differentiation and specialization by innovative private currencies could lead lasting currency competition instead of network effects. We investigate monopolistic tendencies and the intensity of currency competition on the crypto market in the light of Hayek's "Denationalization of money". Würzburg Economic Papers from University of Würzburg, Chair for Monetary Policy and International Economics Cryptocurrency competition: An empirical test of Hayek's vision of private monies
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