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The Organizational Properties Of Money: Gustavo Del Vecchio’S Theory




The integration of money into the Walrasian general equilibrium scheme is an age-old and intricate issue. One of the first attempts was made by Gustavo Del Vecchio, who, in the early twentieth century, built a theory of circulation that considered money as a medium of exchange, and investigated its organizational and social aspects in depth. Del Vecchio developed a theory of monetary service grounded on the distinction between individual and social utility of money. Moreover, he stated that money, credit, accumulation, and crisis could no longer be theorized with time omitted, and this induced him to formulate dynamic statements that put forward claims about money as a store of value. The organizational and social dimensions of money, time, and uncertainty were all important and interconnected aspects in Del Vecchio’s scientific inquiry, for they all sprang from his conceptualization of money as a medium of exchange.

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  • Tusset, Gianfranco, 2012. "The Organizational Properties Of Money: Gustavo Del Vecchio’S Theory," Journal of the History of Economic Thought, Cambridge University Press, vol. 34(02), pages 243-260, June.
  • Handle: RePEc:cup:jhisec:v:34:y:2012:i:02:p:243-260_00

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    References listed on IDEAS

    1. Fox, Karl A, 1989. "Agricultural Economists in the Econometric Revolution: Institutional Background, Literature and Leading Figures," Oxford Economic Papers, Oxford University Press, vol. 41(1), pages 53-70, January.
    2. Malcolm Rutherford, 2003. "On the Economic Frontier: Walton Hamilton, Institutional Economics, and Education," History of Political Economy, Duke University Press, vol. 35(4), pages 611-653, Winter.
    3. H. Spencer Banzhaf, 2006. "The Other Economics Department: Demand and Value Theory in Early Agricultural Economics," History of Political Economy, Duke University Press, vol. 38(5), pages 9-31, Supplemen.
    4. Rutherford, Malcolm & Desroches, C. Tyler, 2008. "The Institutionalist Reaction To Keynesian Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 30(01), pages 29-48, March.
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