Abstract
This study aims to clarify the theoretical features of the concept of money according to James Steuart by focusing on money of account as an invariable standard. Steuart regarded money of account as an invariable measure in a sense that the value of the money unit could retain the proportion of wealth in the state. As a feasible method for realizing money of account, he proposed the method of mean proportion, which invariably sustains the value of the basket of gold and silver of equal value to avert the influence of fluctuations in the relative value of gold and silver. The relationship between the money unit and quantity of gold or silver should be readjusted based on changes in the relative market value of gold and silver. Therefore, money of account is based on the value of commodities. Although intentional adjustment was necessary to realize money of account, it did not repress the market but rather was requested by the market in Steuart’s Principles.
https://ror.org/03t78wx29 
