The organizational properties of money: Gustavo Del Vecchio's theory
Between 1909 and 1917, Gustavo Del Vecchio built a theory of money as a medium of exchange where organizational and social aspects were investigated in depth, first by means of a conventional static investigation and then by adopting a dynamic perspective. Del Vecchio believed that money, credit, accumulation, and crisis could no longer be theorised with time omitted, and this induced him to formulate dynamic statements which 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 his scientific research, for they all sprang from his conceptualization of money as a medium of exchange.
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