No, I do not agree with this statement.
Reason: Apart from general acceptability good money has
many other qualities. Other qualities of good money are explained as follows:
Qualities of Good Money :
Any commodity cannot
act as money. A thing which works as money must possess some qualities or
characteristics. Following are the qualities of money.
1) General acceptability - The thing which acts as money must
be easily accepted by all without hesitation for exchange.
2)
Divisibility - It should be divisible into different denominations, e.g., 5 rupees,
10 rupees, 50 rupees, etc.
3)
Durability - It should be durable. It should last for a longer period of time e.g.
metallic coins are more durable than paper notes.
4) Cognizibility - It must be easily recognizable and
distinguishable from other things.
5)
Portability - It must be easy to carry from one place to another without any
difficulty, expense and inconvenience e.g. paper notes are easily portable.
They also possess high value in a small bulk e.g. notes of Rs. 500, Rs. 1000.
6)
Homogeneity - The money of same denomination should be of the same size, quality etc.
7)
Stability of Value - It must have
general stability of value.
