In developing early theories about money demand, economists limited their view of money to

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Early theories about money demand focused on its role as a medium of exchange, as this was seen as the primary function of money in facilitating transactions. The other functions of money, such as a store of value and means of deferred payment, were less emphasized in early economic thought. Gold and silver coins were also seen as forms of money, but their use was limited and did not reflect the diversity of money instruments that exist today.

In Developing Early Theories About Money Demand, Economists Limited Their