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  1. The evolution of money debate: functionalism versus chartalism, Schumpeterian dynamics, Gresham's fallacy, and how history constrains public finance
    Author: Palley, Thomas
    Published: October 2018
    Publisher:  Hans-Böckler-Stiftung, Düsseldorf

    This paper discusses the evolution of money and the monetary system. The origins of money debate is framed in terms of functionalism versus chartalism. Endogenous Schumpeterian dynamics apply to the evolution of money and monetary systems, and those... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DSP 200 (2018,34)
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    This paper discusses the evolution of money and the monetary system. The origins of money debate is framed in terms of functionalism versus chartalism. Endogenous Schumpeterian dynamics apply to the evolution of money and monetary systems, and those dynamics are supportive of the functionalist perspective. A functionalist Schumpeterian lens shows "Gresham's law" should be relabeled "Gresham's fallacy" because good money drives out bad. The Gresham dynamic is also supportive of the functionalist perspective. Lastly, the paper shows monetary history over the past millennium does not support chartalist public finance claims as represented by modern money theory (MMT).

     
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    Content information
    Volltext (kostenfrei)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/213391
    Series: FMM working paper ; Nr. 34(October, 2018)
    Subjects: Money; functionalism; chartalism; Gresham's law; Schumpeterian dynamics; modern monetary theory
    Scope: 1 Online-Ressource (circa 28 Seiten)