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Money and its Future: A response to Mary Mellor
Abstract
Mary Mellor, in a recent book, points out the social nature of money, as opposed to the traditional view according to which money is the outcome of individuals’ optimization. Claudio Sardoni argues that Mellor's view of money is not satisfactory. In particular, he questions Mellor's notion of ‘privatization of money’ and criticizes Mellor's approach. On the basis of Keynes, Sardoni proposes a different approach to money as a social phenomenon.
Mary Mellor explores the potential of money as an agent of socially just and ecologically sustainable development. Through an analysis of theories of money it shows how existing money systems work and how radical reform of the mechanisms of money issue and circulation could be achieved.
Although extensive research has compared Catholic and public high schools, little is known about Catholic primary schools. Using unique data for two cohorts of primary school students, I find that Catholic schooling does not have a significant effect on mathematics and reading test scores. These findings do not change when school level test scores from the first-grade cohort are used to account for selection bias in the fourth-grade cohort. In fourth grade, Catholic schooling is associated with marginally fewer student absences than is public schooling.
John Hicks's writing on monetary economics spans over fifty years. This book draws together the common threads of his work in a single succinct statement of the basics of monetary theory. It also outlines a theory of competitive markets that can be linked to the monetary sector; neither standard classical or neo-classical value theory can, on its own, fill the gap between monetary and non-monetary economics. In reviewing his own work, Hicks explains the way in which economic theory has been adjusted to reflect developments in the real economy. He sees these changes, sometimes quite major, as the discovery of truths which have become more appropriate, rather than the discovery of completely new truths.
This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation.
The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned.
Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.
"Today, Mr. Minsky's view [of economics] is more relevant than ever."- The New York Times "Indeed, the Minsky moment has become a fashionable catch phrase on Wall Street."-The Wall Street Journal John Maynard Keynes offers a timely reconsideration of the work of the revered economics icon. Hyman Minsky argues that what most economists consider Keynesian economics is at odds with the major points of Keynes's The General Theory of Employment, Interest, and Money. Keynes and Minsky refuse to ignore pervasive uncertainty. Once uncertainty is given center stage, recurring episodes of financial system crises are all but inescapable. As Robert Barbera notes in a new preface, "Benign economic circumstances!invite increasingly aggressive financial market wagers. Innovation in finance is a signature development in a capitalist economy. Once leveraged wagers are in place, small disappointments can have exaggerated consequences." Thus for Minsky economic calm on Main Street engenders financial system fragility which, in turn, ensures a perpetuation of boom and bust cycles. Minsky colleagues Dimitri B. Papadimitriou and L. Randall Wray write in a new introduction, "We offer this new edition, in the hope that it will contribute to the reformation of economic theory so that it can address the world in which we actually live-the world that was always the topic of Minsky's analysis."
The Evolution of Central Banks employs a wide range of historical evidence and reassesses current monetary analysis to argue that the development of non-profit-maximizing and noncompetitive central banks to supervise and regulate the commercial banking system fulfils a necessary and natural function. Goodhart surveys the case for free banking, examines the key role of the clearing house in the evolution of the central bank, and investigates bank expansion and fluctuation in the context of the clearing house mechanism. He concludes that it is the noncompetitive aspect of the central bank that is crucial to the performance of its role. Goodhart addresses the questions of deposit insurance and takes up the "club theory" approach to the central bank. Included in the historical study of their origins are 8 European central banks, the Bank of Japan, the Bank of England, and the Federal Reserve Board of the United States.
This chapter discusses the origin of money. Money is used as a token in trade to reassure traders in such a sequence that they are not making an egregiously bad deal. This leads to an alternate line of investigation, recognition that a theory of a medium of exchange is inter alia a theory of the liquidity or saleability of commodities. In primitive traffic, the economic man is awaking but very gradually to an understanding of the economic advantages to be gained by exploitation of existing opportunities of exchange. Under such conditions each man is intent to get by way of exchange just such goods as he directly needs, and to reject those of which he has no need at all, or with which he is already sufficiently provided. Thus, equipped he has the prospect of acquiring such goods as he finally wishes to obtain, not only with greater ease and security, but also by reason of the steadier and more prevailing demand for his own commodities, at prices corresponding to the general economic situation—at economic prices.
Denationalisation of Money
- F A Von Hayek
- FA von Hayek