Mediated Economy

04/11/2013 09:37

Paul J. Dejillas, Ph.D. 

Economic transactions or exchanges are made possible only because of the so-called “mediators.” The mediators keep the economy going and vibrant. They turn the wheels of the industry. They are the engines of growth and development. They influence individual decision making and behavior. It was Milton Friedman who perceives "money" as a means for mediating and facilitating exchange (1962:14). But money, in his view, mainly mediates and facilitates economic exchanges by enabling the act of purchase and sale. “Mediated economics” is a specialized study of economics. [Read more] ...