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Money (Real and Fictitious)Game, Banking and Taxation

  • Krishna Gopal Misra


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    'Reality of money' is curiously similar to uncertainty theory of (Hisenburg)quantum physics. To some (natural societies), legitimatimacy of exchange control is derived by associating it with certain physical signifiance of 'real' goods. Exchange control is thus decided by producers in commodity exchanges. Others (Republicans of Greek civilization) think, money can be only a symbolic or fictitious unit, and any physical significance attached to it will undermine sanctity (in respect to space and time) of money used as unit for measurement of the prices. Under these circumstanes, exchange control is monopoly of republics and debt engine produces competition and enterprises in people. There are two worlds. Performance of markets (Republics vrs Natural Societies) are going to test which of the prespective and understanding are true and for how long. This article discusses the valuation of prices, unit price or measuring unit for prices, ligitimacy of exchange control in markets, invention of commodity exchanges using 'real' money, invention of 'fictitious' money, banking, state monpoly of exchange control and mathematical legitimacy of interests and taxation.

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    Paper provided by EconWPA in its series General Economics and Teaching with number 0506005.

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    Length: 9 pages
    Date of creation: 10 Jun 2005
    Date of revision:
    Handle: RePEc:wpa:wuwpgt:0506005
    Note: Type of Document - pdf; pages: 9
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