I”m a student from India….Im working on a project given……”Interest is a purely monetary phenomenon.” Well I just wanted to ask what exactly does it mean?
I might have misunderstood what your teacher meant, but the statement that “interest is a purely monetary phenomenon” does not strike me as being correct. Interest is most obvious when it’s expressed in money, and it is most often expressed in money, but it comes from facts that have nothing to do with money. Interest has two main components: time preference and risk.
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