IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-1-137-30295-3_3.html
   My bibliography  Save this book chapter

Ingham and Keynes on the Nature of Money

In: Financial Crises and the Nature of Capitalist Money

Author

Listed:
  • M. G. Hayes

Abstract

In 1933, Keynes wrote of the need for a monetary theory of production — that is, a theory of production and value in a monetary economy (Keynes, 1933). He argued that the distinction between a barter and a monetary economy, traditionally made by economists, needed to be recast as one between a real-exchange economy (a fictional theoretical construct created by economists) and the monetary economy we actually observe. A real-exchange economy may use money as a means of exchange (the characteristic traditionally attributed to a monetary economy) but the role of money is neutral, a simple go-between in a relation between things, more efficient than barter, which drops out on consolidation when we consider the economy as a whole. Rather Keynes sought a theoretical conception of the observable market economy which recognises, as anything but neutral, the essential role of money in its operation.

Suggested Citation

  • M. G. Hayes, 2013. "Ingham and Keynes on the Nature of Money," Palgrave Macmillan Books, in: Jocelyn Pixley & G. C. Harcourt (ed.), Financial Crises and the Nature of Capitalist Money, chapter 2, pages 31-45, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-30295-3_3
    DOI: 10.1057/9781137302953_3
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Ingham, Geoffrey, 2004. "The nature of money," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 5(2), pages 18-28.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Giuseppe Mastromatteo & Lorenzo Esposito, 2015. "The Two Approaches to Money: Debt, Central Banks, and Functional Finance," Economics Working Paper Archive wp_855, Levy Economics Institute.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Josh Ryan-Collins, 2015. "Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935-75," Economics Working Paper Archive wp_848, Levy Economics Institute.
    2. Amir-Ud-Din, Rafi, 2014. "Maqāṣid al-Sharīʿah: Are We Measuring The Immeasurable?," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 22, pages 1-32.
    3. Camille Meyer & Marek Hudon, 2017. "Alternative organizations in finance: commoning in complementary currencies," Working Papers CEB 17-015, ULB -- Universite Libre de Bruxelles.
    4. Jocelyn Pixley & Sam Whimster & Shaun Wilson, 2013. "Central bank independence: A social economic and democratic critique," The Economic and Labour Relations Review, , vol. 24(1), pages 32-50, March.
    5. Mehmet Yanit & Kan Shi & Fang Wan & Fei Gao, 2022. "Interaction between Health and Financial Status on Coping Behaviors during the COVID-19 Pandemic," IJERPH, MDPI, vol. 19(20), pages 1-16, October.
    6. Hülsewig, Oliver & Steinbach, Armin, 2021. "Monetary financing and fiscal discipline," International Review of Law and Economics, Elsevier, vol. 68(C).
    7. Tommaso Brollo, 2019. "Money as a political institution in the commentaries of Albert the Great and Thomas Aquinas to Aristotle?s "Ethica Nicomachea"," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 8(2), pages 35-61.
    8. Erica Schoenberger & Richard A. Walker, 2017. "Beyond exchange and agglomeration: resource flows and city environments as wellsprings of urban growth," Journal of Economic Geography, Oxford University Press, vol. 17(5), pages 935-958.
    9. Karlo Kauko, 2018. "Did taxes, decrees or credibility drive money? Early nineteenth century Finland from a chartalist perspective," Scandinavian Economic History Review, Taylor & Francis Journals, vol. 66(1), pages 73-90, January.
    10. Romar CORREA, 2017. "Review of Ajit Sinha, A Revolution in Economic Theory: The Economics of Piero Sraffa, Palgrave Macmillan, 2016, x + 244 pages, ISBN 978-3319306155," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 10(2), pages 125-131, May.
    11. repec:uta:papers:2005_08 is not listed on IDEAS
    12. Grahame Thompson, 2011. "Financial Globalization? History, Conditions and Prospects," Chapters, in: Jonathan Michie (ed.), The Handbook of Globalisation, Second Edition, chapter 2, Edward Elgar Publishing.
    13. Jane S Pollard, 2007. "Making Money, (Re)Making Firms: Microbusiness Financial Networks in Birmingham's Jewellery Quarter," Environment and Planning A, , vol. 39(2), pages 378-397, February.
    14. repec:grz:wpsses:2017-04 is not listed on IDEAS
    15. repec:dau:papers:123456789/7642 is not listed on IDEAS
    16. Engelbert Stockhammer & Collin Constantine & Severin Reissl, 2020. "Explaining the Euro crisis: current account imbalances, credit booms and economic policy in different economic paradigms," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 43(2), pages 231-266, April.
    17. Stein, Julian Alexander Cornelius & Braun, Dieter, 2019. "Stability of a time-homogeneous system of money and antimoney in an agent-based random economy," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 520(C), pages 232-249.
    18. Eric Knight & Dariusz Wójcik, 2020. "FinTech, economy and space: Introduction to the special issue," Environment and Planning A, , vol. 52(8), pages 1490-1497, November.
    19. Geoffrey Harcourt & Peter Kriesler, 2012. "Introduction [to Handbook of Post-Keynesian Economics: Oxford University Press: USA]," Discussion Papers 2012-33, School of Economics, The University of New South Wales.
    20. Joe Ament, 2019. "Toward an Ecological Monetary Theory," Sustainability, MDPI, vol. 11(3), pages 1-20, February.
    21. Martin, Chris & Lawson, Julie & Milligan, Vivienne & Hartley, Chris & Pawson, Hal & Dodson, Jago, 2023. "Towards an Australian Housing and Homelessness Strategy: understanding national approaches in contemporary policy," SocArXiv h5tja, Center for Open Science.
    22. Victoria Chick, 2013. "The future is open: on open-system theorising in economics," Chapters, in: Jesper Jespersen & Mogens Ove Madsen (ed.), Teaching Post Keynesian Economics, chapter 3, pages 56-72, Edward Elgar Publishing.
    23. L. Randall Wray, 2014. "Outside Money: The Advantages of Owning the Magic Porridge Pot," Economics Working Paper Archive wp_821, Levy Economics Institute.

    More about this item

    Keywords

    Interest Rate; Real Wage; European Central Bank; Monetary Economy; Capital Control;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-1-137-30295-3_3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.