A standard of deferred payment is the accepted way, in a given market, to settle a debt – a unit in which debts are denominated. It is one of the defining functions of money; for example, while the gold standard reigned, gold or any currency convertible to gold at a fixed rate constituted such a standard. As of 2010, the US dollar and the euro are the most generally accepted standards for international settlements.
The term "standard of deferred payment" is not as widely used as other terms for functions of money, namely medium of exchange, store of value, and unit of account, though it is distinguished in some works.
Read more about Standard Of Deferred Payment: Functions of Money, Relation To Debt, Examples
Famous quotes containing the words standard of, standard and/or payment:
“Error is a supposition that pleasure and pain, that intelligence, substance, life, are existent in matter. Error is neither Mind nor one of Mind’s faculties. Error is the contradiction of Truth. Error is a belief without understanding. Error is unreal because untrue. It is that which seemeth to be and is not. If error were true, its truth would be error, and we should have a self-evident absurdity—namely, erroneous truth. Thus we should continue to lose the standard of Truth.”
—Mary Baker Eddy (1821–1910)
“We don’t want bores in the theatre. We don’t want standardised acting, standard actors with standard-shaped legs. Acting needs everybody, cripples, dwarfs and people with noses so long. Give us something that is different.”
—Dame Sybil Thorndike (1882–1976)
“Put God in your debt. Every stroke shall be repaid. The longer the payment is withholden, the better for you; for compound interest on compound interest is the rate and usage of this exchequer.”
—Ralph Waldo Emerson (1803–1882)