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Money and value: a synthesis of the state theory of money and original institutional economics

Listed author(s):
  • Georgios Papadopoulos

    ()

    (Erasmus University)

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    The paper proposes a synthesis of original institutional economics and in particular of the work of John R. Commons with the state theory of money, constructing a theoretical framework for the analysis of economic value in relation to money. The argument developed resists the naturalistic, individualistic, neoclassical analysis of value, proposing an account based on antagonism and negotiation framed by social institutions and more specifically by the institution of money. Money plays an active role in the process of the constitution of the system of prices, creating possibilities of mediation in the conflicts around the distribution of social production and contributing towards the establishment of ‘reasonable value’ in economic transactions.

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    Article provided by Bucharest Academy of Economic Studies, The Journal of Philosophical Economics in its journal The Journal of Philosophical Economics.

    Volume (Year): 6 (2013)
    Issue (Month): 2 (May)
    Pages:

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    Handle: RePEc:bus:jphile:v:6:y:2013:i:2:n:3
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    1. Laidler, David, 1969. "The Definition of Money: Theoretical and Empirical Problems," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(3), pages 508-525, August.
    2. Rutherford,Malcolm, 1996. "Institutions in Economics," Cambridge Books, Cambridge University Press, number 9780521574471, October.
    3. Dan Kovenock, 2002. "Fiat Exchange in Finite Economies," Economic Inquiry, Western Economic Association International, vol. 40(2), pages 147-157, April.
    4. Georgios Papadopoulos, 2009. "Between Rules and Power: Money as an Institution Sanctioned by Political Authority," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 43(4), pages 951-969, December.
    5. Kaufman, George G, 1969. "More on an Empirical Definition of Money," American Economic Review, American Economic Association, vol. 59(1), pages 78-87, March.
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