Why money is more than a means of circulation

Publication type Article
Status Published
Occupation: Senior Researcher
Affiliation: Institute of Economics RAS
Address: 32, Nakhimovskiy Prospekt, Moscow, 117218, Russian Federation
Journal nameObshchestvennye nauki i sovremennost
EditionIssue 6

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
Publication date17.12.2017
Number of characters587
Cite   Download pdf To download PDF you should sign in
Размещенный ниже текст является ознакомительной версией и может не соответствовать печатной

views: 453

Readers community rating: votes 0

1. Hicks J. (1993) Stoimost’ i kapital [Value and capital]. Moscow: Progress.

2. Keynes J.M. (1993) Obsh’aya teoriya zanyatosti, procenta i deneg [The General theory of employment, interest and money]. Moscow: Economica.

3. Marx K. (1960) Kapital, t. I [Capital, v. I]. Marx K., Engels F. Works, vol. 23. Moscow: Gosudarstvennoe bzdatelstvo politicheskoy literatury.

4. Menger K. (2005) Osnovaniya politicheskoy ekonomii Gl-8 Uchenie o den'gah [The Foundation of political economy. Ch. 8. The doctrine of money]. Menger K. Izbrannye raboty [Selected works]. Moscow: The territory of the future, pp. 257–288.

5. Robbins L. (1993) Predmet ekonomicheskoy nauki [The subject-matter of economics]. THESIS, vol. 1, no. 1, pp. 10–23.

6. Smith A. (2007) Issledovanie o prirode i prichinah bogatstva narodov [Inquiry into the nature and causes of the wealth of nations]. Moscow: Eksmo.

7. Valras L. (2000) Elementi chistoy politicheskoy ekonomii, ili Teoriya obsh’estvennogo bogatstva [Elements of pure political economy or the theory of social wealth]. Moscow: Isograf.

8. Vumyatnina Y. (2014) Teoriya deneg [Theory of money]. St.-Petersburg: EUSPb.

Система Orphus