You are looking at 1 - 10 of 33,361 items :

Clear All
You do not have access to this content

Jean- François Ponsot

6. Rethinking money Jean-François Ponsot INTRODUCTION Two recent phenomena invite us to rethink money. The first is related to economists’ understanding of money. In light of the proliferation of recent publications on the issue of money, this topic clearly remains an enigma, even for economists. In this sense, the usual definition of money found in economic textbooks is inadequate to grasp the fundamental nature of money (Smithin, 2000; Ingham, 2004; Dodd, 2014; Amato, 2015). According to the mainstream approach, money was invented in parallel with the

You do not have access to this content

L. Randall Wray

This entry will first define money. This will allow us to discuss what we might call ‘the nature of money’ – what is money, what does money ‘do’, and why is money important. We then turn to two contrasting approaches to money – the ‘exogenous’ versus the ‘endogenous’ approaches. The first is adopted by most orthodox theory (most obviously, by monetarists) and the second by heterodoxy (most explicitly by Post Keynesians). Defining money is a vexing problem for monetary theorists. Readers are familiar with the two usual approaches – defining money by its

You do not have access to this content

Edited by Peter E. Earl and Simon Kemp

Money Money Yes! ready money is Alladin’s Lamp. (Lord Byron) Money doesn’t talk, it swears. (Bob Dylan) Money is like fire, an element as little troubled by moralizing as earth, air and water. Men can employ it as a tool or they can dance around it as if it were the incarnation of a god. (Lewis H. Lapham) The meanings of money If we were prohibited from talking of money and the uses to which we might apply it, we would be as impoverished of words for daily conversations as the poor are impoverished of money for daily expenditures. As this contention and the

You do not have access to this content

Geoffrey Ingham

23 Money Geoffrey Ingham Introduction In the late nineteenth and early twentieth centuries, the question of the nature of money played a central role in the methodological dispute (Methodenstreit) during which modern academic economics was formed (Hodgson 2001). As Schumpeter observed at the time, ‘[t]ere are only two theories of money which deserve the name … the commodity theory and the claim theory. From their very nature they are incompatible’ (quoted in Ellis 1934, p. 3). With the economic theorists’ victory and subsequent hegemony, the commodity

You do not have access to this content

Paulo L. dos Santos

37. Money Paulo L. dos Santos Marx’s contribution to political economy contains at its most fundamental level a distinctive and robust monetary theory, which underpins his understanding of the commodity form, value as the regulator of economic and social intercourse, the sustainability of capitalist accumulation, crises, and of the forms taken by the social relations of capital. The three volumes of Capital and the Grundrisse lay out a comprehensive theory of commodity money. This contribution resolved the problems of monetary theory facing political economy in

You do not have access to this content

Edited by Thomas Cate

Throughout history, the range of objects as money has varied widely. Such different media as blankets, cows, stones, bushels of wheat and cigarettes have served as embodiments of money at different times. A central focus of economic inquiry has long been to determine the definition of money and to analyze the forces that give rise to the emergence of a monetary economy. Since at least the publication of Keynes’s General Theory (1936), the issue of defining money has been pursued in terms of delineating the essential properties of

You do not have access to this content

Elena Esposito

4. Money Reassurance against risk, first of all, relies on money. Money has no inherent use; nevertheless, it has the strange feature of providing reassurance against uncertainty for any and every person. Whether metal or paper, money has no utility. So, why has it become so useful? The reflection of economists has not offered a true theory of money (section 1), especially because it never really clarified its function or the source of its value, nor did it even clarify the true meaning of value. Does wealth lie in the goods themselves (in which case, money is

You do not have access to this content

L. Randall Wray

Money 261 Blanchard, O., A. Blinder, M. Eichenbaum, R. Solow and J.B. Taylor (1997), ‘Is there a core of practical macroeconomics that we should all believe?’, American Economic Review, 87 (2), 230–46 Davidson, P. (1992), ‘Reforming the world’s money’, Journal of Post Keynesian Economics¸ 15 (2), 153–79. Goodhart, C.A.E. (1994), ‘What should central banks do? What should be their macroeconomic objectives and operations?’, Economic Journal, 104 (427), 1424–36. Laidler, D.E.W. (1990), Taking Money Seriously, Hemel Hempstead: Philip Allan. Moore, B.J. (1988

You do not have access to this content

Kevin B. Grier

14 Money Kevin B. Grier* 1 Introduction Are campaign contributions free speech or bribery? Are elections for sale to the richest or biggest spending candidate? Does accepting interest-group money inevitably mean that legislators will abandon their constituents and serve Mammon? The role of money in politics is hotly debated, with few accepted conclusions. Views range from Thomas Ferguson’s (1995) claim that interested money is the driving force in American political life, to several statistical findings suggesting that campaign contributions do not influence

You do not have access to this content

Marc Lavoie

[11] 2 Endogenous money: accommodationist Marc Lavoie* Endogenous money is a key feature of post-Keynesian monetary economics. Kaldor (1970; 1982) and Moore (1988) were the most vocal advocates of a theory of endogenous money in the Anglo-Saxon world. Their ideas were mainly developed in the 1980s, although such ideas were also outlined as early as the 1950s. One could also go back to earlier ‘heterodox’ classical authors, such as Tooke and Fullarton in the early nineteenth century, as well as members of the Austrian school in the early twentieth century, among