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In economics, the unit of account is a unit of measurement of market value. Goods for sale in a market are priced using a unit of account. In this manner the value is measured by the seller and expressed to the buyer. Contracts of credit or debt are denominated in a unit of account. In this manner the agreed value of the debt is measured, and the method of settling the debt is defined.

Whilst all market participants are free to use any unit of account that they prefer, most markets have only a few widely accepted units of account. For example in Japan the most universal unit of account is the yen.

It is generally assumed that a good unit of account is one that is stable. Just as a measuring stick used to measure length should itself be stable in length so to a unit of account used to measure value should itself be stable in value. However there are schools of economic thought that challenge this view point.

While it is most common to think of accounts in currency, it is possible to hold accounts in gold (as e-gold does) or options in various other commodities.

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Joseph Stiglitz (born February 9, 1943) is an American economist, author and winner of the John Bates Clark Medal (1979) and Nobel Memorial Prize in Economics (2001). He is one of the most famous contemporary economists and in addition to scholarly work he has published a number of books aimed at a general readership. He is best known for his critical view of globalization and international institutions like the International Monetary Fund while holding the extremely influential positions as Senior Vice President and Chief Economist of the World Bank.

Did you Know

 * ...that André Meyer quit school at age 16 to work as a messenger boy, and was later described as "the most creative financial genius of our time in the investment banking world" by David Rockefeller?


 * ...that Jerry White, cofounder of the Landmine Survivors Network, delivered the 2005 commencement address at the University of Michigan's Ross School of Business?


 * ...that Valrhona, a company based in the small town of Tain l'Hermitage in the Rhône Valley in France, is one of the world's leading manufacturers of high-quality chocolate?


 * ...that it is estimated that more than 85 percent of all business information exists as unstructured data, commonly appearing in e-mails, memos, reports, letters, presentations and Web pages?


 * ...that Kiran Mazumdar-Shaw is India's richest woman?

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News

 * 30 October 2005
 * Italian Interior Minister Altero Matteoli announces interest in switching to nuclear power as the main source of energy within 10-15 years. Nuclear power has been banned in Italy since the Chernobyl accident in 1986. (Reuters)
 * 28 October 2005
 * In the continuing negotiations over global free trade,the trade commissioner for the European Union, Peter Mandelson, said Friday that the EU will cut its average farm tariff by 47%, reducing the highest rates by 60%. Jacques Chirac, the president of France, said that he doesn't have France's support in such a proposal. (Financial Times)

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All varieties of interference with the market phenomena not only fail to achieve the ends aimed at by their authors and supporters, but bring about a state of affairs which - from the point of view of their authors' and advocates valuations - is less desirable than the previous state of affairs which they were designed to alter.

Ludwig von Mises