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Why money is more than a means of circulation
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Why money is more than a means of circulation
Annotation
PII
S086904990011471-0-1
Publication type
Article
Status
Published
Authors
Dorimendon Gogohia 
Occupation: Senior Researcher
Affiliation: Institute of Economics RAS
Address: 32, Nakhimovskiy Prospekt, Moscow, 117218, Russian Federation
Edition
Issue 6
Pages
147-157
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.

Keywords
theory of money, prices, liquidity, maintenance costs, banking
Received
12.09.2020
Date of publication
17.12.2017
Number of purchasers
4
Views
1053
Readers community rating
0.0 (0 votes)
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References

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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.

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