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Money and Exchange : Folktales and Reality - Sasan Fayazmanesh

Money and Exchange

Folktales and Reality

Hardcover Published: 26th January 2006
ISBN: 9780415299749
Number Of Pages: 156

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Whether a theoretical system is realistic or not has been a major concern in economics, particularly in monetary theory, over the past century. Following John R. Hicks' proposal that a realistic monetary theory could be constructed along an evolutionary path, starting with the workings of a real market, this volume considers whether we can look to the medieval economy as the point of departure.
"Money and Exchange" draws upon the work of Aristotle, scholastic economists, Adam Smith, Karl Marx, William Stanly Jevons and Leon Walras, as well as some modern monetary theorists, to provide a critical analysis of some basic theories that form the starting point of monetary analysis. It concentrates primarily on certain interrelated and fundamental building blocks of monetary theory, such as the difficulties of barter as the origin of money, the concept of exchange as an equation, the notion of the exchange relation as a relation of equality, the distinction between barter and monetary relations, and money and non-money commodities.
This groundbreaking study dispels some of the old myths and conjectures concerning money and exchange and opens up the way for the development of new approaches to monetary theory - approaches that are both realistic and evolutionary. It will be of particular interest to researchers and students of monetary theory and history, and the history of economic thought.

Acknowledgmentsp. xi
Introductionp. 1
The first community and the equation of exchangep. 9
The origin of money and the nature of exchangep. 10
Making sense of Aristotlep. 12
The "primitivist-modernist" controversyp. 14
The exchange relationp. 17
Conclusionp. 23
The sons of Adam, justice in exchange, and the medieval economyp. 26
Equality and justice in exchangep. 28
The "abacus manuscripts"p. 31
The "Rules of Barter"p. 32
Formalization of the "Rules of Barter"p. 36
The "difficulties of barter" revisitedp. 39
"Just price" and equality of exchange revisitedp. 41
Conclusionp. 43
The bartering savage and the equation of exchangep. 46
The inconvenience of barter and emergence of moneyp. 47
Exchange and the meanings of "value"p. 50
Solving the equation of exchange in the "rude state of society"p. 56
"Civilized nations" and the solution to the equation of exchangep. 59
Conclusionp. 62
Primitive communities, the equation of exchange, and proper point of departurep. 65
The origin of exchange and moneyp. 66
Aristotle and the relation of exchangep. 69
The relation of exchange and exchange-valuep. 71
Monetary theory and history: the second point of departurep. 75
Monetary theory and history: the first point of depaturep. 79
Conclusionp. 82
Mademoiselle Zelie and the "scientific" theory of exchangep. 84
The difficulties of barterp. 85
Turning economics into a "science"p. 89
Jevons's "scientific" theory of exchangep. 93
Walras and the "scientific" theory of exchangep. 97
Buying and selling in a moneyless Walrasian worldp. 102
Conclusionp. 105
Neo-Walrasianism, the matrix of exchange, and beyondp. 108
Realistic or unrealistic?p. 109
Neo-Walrasianism and the "matrix of exchange"p. 112
The "matrix of exchange" and the real economyp. 117
Post-Clower matrices of exchangep. 121
Conclusionp. 126
Conclusionp. 130
Notesp. 136
Referencesp. 145
Indexp. 153
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780415299749
ISBN-10: 0415299748
Series: Routledge Studies in the History of Economics
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 156
Published: 26th January 2006
Country of Publication: GB
Dimensions (cm): 23.52 x 16.15  x 1.52
Weight (kg): 0.4
Edition Number: 1