Why money is more than a means of circulation

 
PIIS086904990011471-0-1
Publication type Article
Status Published
Authors
Occupation: Senior Researcher
Affiliation: Institute of Economics RAS
Address: 32, Nakhimovskiy Prospekt, Moscow, 117218, Russian Federation
Journal nameObshchestvennye nauki i sovremennost
EditionIssue 6
Pages147-157
Abstract

Functions of money, its role for emergence and performance of market economy are considered. Money is interpreted as a socially accepted form of wealth which role is to neutralize the impact of differences in liquidity and maintenance costs among traded goods on pricing. This approach is compared to those of classical, neoclassical and institutional economics. Rival theories of money origins are used as a background to assess controversies over contemporary fractional reserve banking.

Keywordstheory of money, prices, liquidity, maintenance costs, banking
Received12.09.2020
Publication date17.12.2017
Number of characters587
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