Money And Value
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The Value Of Money
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Author : Benjamin McAlester Anderson
language : en
Publisher: Ludwig von Mises Institute
Release Date : 1917
The Value Of Money written by Benjamin McAlester Anderson and has been published by Ludwig von Mises Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 1917 with Money categories.
The Value Of Money
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Author : Benjamin M. Anderson
language : en
Publisher:
Release Date : 1936
The Value Of Money written by Benjamin M. Anderson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1936 with Money categories.
The Value Of Money
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Author : Prabhat Patnaik
language : en
Publisher: Columbia University Press
Release Date : 2009-04-02
The Value Of Money written by Prabhat Patnaik and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-04-02 with History categories.
Why is money more valuable than the paper on which it is printed? Monetarists link the value of money to its supply and demand, believing the latter depends on the total value of the commodities it circulates. According to Prabhat Patnaik, this logic is flawed. In his view, in any nonbarter economy, the value we assign to money is determined independently of its supply and demand. Through an original and provocative critique of monetarism, Patnaik advances a revolutionary understanding of macroeconomics that highlights the "propertyist" position of Karl Marx and John Maynard Keynes. Unlike the usual division between "classical" economists (e.g., David Ricardo and Marx) and the "marginalists" (e.g., Carl Menger, William Stanley Jevons, and Léon Walras), Patnaik places "monetarists," including Ricardo, on one side, while grouping propertyist writers like Marx, Keynes, and Rosa Luxemburg on the other. This second group subscribes to the idea that the value of money is given from outside the realm of supply and demand, therefore making money a form in which wealth is held. The fact that money is held as wealth in turn gives rise to the possibility of deficiency of aggregate demand under capitalism. It is no accident that this possibility was highlighted by Marx and Keynes while going largely unrecognized by Ricardo and contemporary monetarists. At the same time, Patnaik points to a weakness in the Marx-Keynes tradition namely, its lack of any satisfactory explanation of why the value of money, determined from outside the realm of supply and demand, remains relatively stable over long stretches of time. The answer to this question lies in the fact that capitalism is not a self-contained system but is born from a precapitalist setting with which it interacts and where it creates massive labor reserves that, in turn, impart stability to the value of money. Patnaik's theory of money, then, is also a theory of imperialism, and he concludes with a discussion of the contemporary international monetary system, which he terms the "oil-dollar" standard.
The Value Of Money
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Author : BENJAMIN MACALESTER ANDERSON (JR.)
language : en
Publisher: Salzwasser-Verlag Gmbh
Release Date : 2020-02-26
The Value Of Money written by BENJAMIN MACALESTER ANDERSON (JR.) and has been published by Salzwasser-Verlag Gmbh this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-26 with categories.
Reprint of the original, first published in 1917.
The Value Of Money
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Author : Benjamin McAlester Anderson
language : en
Publisher:
Release Date : 1917
The Value Of Money written by Benjamin McAlester Anderson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1917 with Money categories.
The Value Of Money
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Author : Benjamin McAlester Anderson
language : en
Publisher:
Release Date : 2023-05-24
The Value Of Money written by Benjamin McAlester Anderson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-05-24 with categories.
Benjamin Anderson, American Austrian, was among a handful of economists, led by Ludwig von Mises in his pioneering work The Theory of Money and Credit in 1912, who set out to integrate monetary theory into a general theory of value. Anderson devoted a major portion of his great book The Value of Money, published in 1917, to a refutation of the "mechanical" quantity theory of money. He argued that the causes and effects from which the data of the quantity equation are constructed are disaggregated and complex; whatever the correlation between the aggregate variables of the quantity equation, correlation is not causation; causation cannot be established in the equation because there are no quantitative constants in human action (in particular, velocity is not constant); the quantity theory ignores time; there is no unambiguous way to define the variables in the theory: the money stock, velocity, the quantity of goods, and the price level. Anderson further holds that whatever true propositions the quantity theory offers can as well be deduced from a correct theory of value and that many true theories of modern economics (such as the laws of demand and supply, the theory of capitalization, and Gresham's law) are inconsistent with it. Although some true propositions can be had from the quantity theory, not every conclusion derived from it is true. Anderson expended much effort to demonstrate that many theories constructed upon it are false. For example, he argued that the independence between the stock of money and the quantity of goods, assumed for the purpose of reaching the conclusion that increases in the stock of money lead to proportional increases in the price level, if carried into macroeconomics has pernicious effects.
The Value Of Money
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Author : Benjamin M Anderson
language : en
Publisher:
Release Date : 2023-08-05
The Value Of Money written by Benjamin M Anderson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-05 with Business & Economics categories.
Benjamin Anderson, American Austrian, was among a handful of economists, led by Ludwig von Mises in his pioneering work The Theory of Money and Credit in 1912, who set out to integrate monetary theory into a general theory of value. Anderson devoted a major portion of his great book The Value of Money, published in 1917, to a refutation of the "mechanical" quantity theory of money. He argued that the causes and effects from which the data of the quantity equation are constructed are disaggregated and complex; whatever the correlation between the aggregate variables of the quantity equation, correlation is not causation; causation cannot be established in the equation because there are no quantitative constants in human action (in particular, velocity is not constant); the quantity theory ignores time; there is no unambiguous way to define the variables in the theory: the money stock, velocity, the quantity of goods, and the price level. Anderson further holds that whatever true propositions the quantity theory offers can as well be deduced from a correct theory of value and that many true theories of modern economics (such as the laws of demand and supply, the theory of capitalization, and Gresham's law) are inconsistent with it. Although some true propositions can be had from the quantity theory, not every conclusion derived from it is true. Anderson expended much effort to demonstrate that many theories constructed upon it are false. For example, he argued that the independence between the stock of money and the quantity of goods, assumed for the purpose of reaching the conclusion that increases in the stock of money lead to proportional increases in the price level, if carried into macroeconomics has pernicious effects.
The Value Of Money
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Author : B. M. Anderson
language : en
Publisher: Forgotten Books
Release Date : 2015-06-12
The Value Of Money written by B. M. Anderson and has been published by Forgotten Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-12 with Business & Economics categories.
Excerpt from The Value of Money The following pages have as their central problem the value of money. But the value of money cannot be studied successfully as an isolated problem, and in order to reach conclusions upon this topic, it has been necessary to consider virtually the whole range of economic theory; the general theory of value; the rô1e of money in economic theory and the functions of money in economic life; the theory of the values of stocks and bonds, of "good will," established trade connections, trade-marks, and other "intangibles"; the theory of credit; the causes governing the volume of trade, and particularly the place of speculation in the volume of trade; the relation of "static" economic theory to "dynamic" economic theory. "Dynamic economics" is concerned with change and readjustment in economic life. A distinctive doctrine of the present book is that the great bulk of exchanging grows out of dynamic change, and that speculation, in particular, constitutes by far the major part of all trade. From this it follows that the main work of money and credit, as instruments of exchange, is done in the process of dynamic readjustment, and, consequently, that the theory of money and credit must be a dynamic theory. It follows, further, that a theory like the "quantity theory of money," which rests in the notions of "static equilibrium" and "normal adjustment," abstracting from the "transitional process of readjustment," touches the real problems of money and credit not at all. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Money And Value
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Author : Rowland Hamilton
language : en
Publisher:
Release Date : 1971
Money And Value written by Rowland Hamilton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1971 with Business & Economics categories.
The Money Value Of A Man
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Author : Louis Israel Dublin
language : en
Publisher:
Release Date : 1946
The Money Value Of A Man written by Louis Israel Dublin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1946 with Cost and Standard of Living United States categories.