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Diversification and evolution of post-modern money as “ideational money”: from MMT to PMMT

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  • Makoto Nishibe

    (Senshu University)

Abstract

The current post-modern private currencies including cryptocurrencies and community currencies are becoming extremely diverse. We need a clear-cut framework to put our present situation in perspective to understand the diversity and evolution of money in human history and consider the status quo and the future of money. The purpose of this paper is to place such diversified post-modern currencies as well as previous forms of money in the evolutionary tree diagram of money, grasp the essential nature of post-modern money represented by the fiat central banknotes as “ideational money” or “symbolic money”, neither material money nor credit money, and analyze the dynamics of stability and instability of the value of such ideational money as “legal tender” or “cash currency”, and gain a clear vision on how the money will evolve in the future, so that we can finally make a critical evaluation on Modern Money Theory (hereinafter MMT) from the viewpoint of our money theory, Post-modern Money Theory (hereinafter PMMT), as an alternative to it.

Suggested Citation

  • Makoto Nishibe, 2023. "Diversification and evolution of post-modern money as “ideational money”: from MMT to PMMT," Evolutionary and Institutional Economics Review, Springer, vol. 20(1), pages 47-81, April.
    • Handle: RePEc:spr:eaiere:v:20:y:2023:i:1:d:10.1007_s40844-023-00248-w
    DOI: 10.1007/s40844-023-00248-w
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    References listed on IDEAS

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    1. Takashi Hashimoto & Makoto Nishibe, 2017. "Theoretical model of institutional ecosystems and its economic implications," Evolutionary and Institutional Economics Review, Springer, vol. 14(1), pages 1-27, June.
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    More about this item

    Keywords

    Money; Evolution; Ideational money; Gresham’s law; Community currency; Cryptocurrency; MMT; PMMT;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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