The Value of Money / / Prabhat Patnaik.
Why is money more valuable than the paper on which it is printed? Monetarists link the value of money to its supply and demand, believing the latter depends on the total value of the commodities it circulates. According to Prabhat Patnaik, this logic is flawed. In his view, in any nonbarter economy,...
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Place / Publishing House: | New York, NY : : Columbia University Press, , [2009] ©2009 |
Year of Publication: | 2009 |
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Patnaik, Prabhat, author. aut http://id.loc.gov/vocabulary/relators/aut The Value of Money / Prabhat Patnaik. New York, NY : Columbia University Press, [2009] ©2009 1 online resource (280 p.) text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda Frontmatter -- Contents -- Preface -- Introduction -- 1. The Great Divide in Economics -- Part 1. The Infirmity of Monetarism -- 2. The Monetarist Theory -- 3. Equilibrium and Historical Time -- 4. The Modus Operandi of Monetarist Theory -- 5. The Cash Transactions Approach to Monetarism -- 6. An Excursus on Rational-Expectation Equilibria -- 7. An Excursus on Methodological Individualism -- 8. An Excursus on Walrasian Equilibrium and Capitalist Production -- Part 2. The Superiority of Propertyism -- 9. A Critique of Ricardo's Theory of Money -- 10. Marx on the Value of Money -- 11. An Excursus on Marx's Theory of Value -- 12. Marx's Solution to a Dilemma -- 13. Alternative Interpretations of Keynes -- 14. A Digression on a Keynesian Dilemma -- 15. Marx, Keynes, and Propertyism -- Part 3. The Incompleteness of Propertyism -- 16. The Incompleteness of Propertyism -- 17. A Solution to the Incompleteness -- 18. Capitalism as a Mode of Production -- 19. Money in the World Economy -- 20. Capitalism and Imperialism -- Notes -- Bibliography -- Index restricted access http://purl.org/coar/access_right/c_16ec online access with authorization star Why is money more valuable than the paper on which it is printed? Monetarists link the value of money to its supply and demand, believing the latter depends on the total value of the commodities it circulates. According to Prabhat Patnaik, this logic is flawed. In his view, in any nonbarter economy, the value we assign to money is determined independently of its supply and demand.Through an original and provocative critique of monetarism, Patnaik advances a revolutionary understanding of macroeconomics that highlights the "propertyist" position of Karl Marx and John Maynard Keynes. Unlike the usual division between "classical" economists (e.g., David Ricardo and Marx) and the "marginalists" (e.g., Carl Menger, William Stanley Jevons, and Léon Walras), Patnaik places "monetarists," including Ricardo, on one side, while grouping propertyist writers like Marx, Keynes, and Rosa Luxemburg on the other. This second group subscribes to the idea that the value of money is given from outside the realm of supply and demand, therefore making money a form in which wealth is held. The fact that money is held as wealth in turn gives rise to the possibility of deficiency of aggregate demand under capitalism. It is no accident that this possibility was highlighted by Marx and Keynes while going largely unrecognized by Ricardo and contemporary monetarists. At the same time, Patnaik points to a weakness in the Marx-Keynes traditionnamely, its lack of any satisfactory explanation of why the value of money, determined from outside the realm of supply and demand, remains relatively stable over long stretches of time. The answer to this question lies in the fact that capitalism is not a self-contained system but is born from a precapitalist setting with which it interacts and where it creates massive labor reserves that, in turn, impart stability to the value of money. Patnaik's theory of money, then, is also a theory of imperialism, and he concludes with a discussion of the contemporary international monetary system, which he terms the "oil-dollar" standard. Issued also in print. Mode of access: Internet via World Wide Web. In English. Description based on online resource; title from PDF title page (publisher's Web site, viewed 02. Mrz 2022) Money. HISTORY / World. bisacsh Title is part of eBook package: De Gruyter Columbia University Press eBook-Package Backlist 2000-2013 9783110442472 print 9780231146760 https://doi.org/10.7312/patn14676 https://www.degruyter.com/isbn/9780231519212 Cover https://www.degruyter.com/document/cover/isbn/9780231519212/original |
language |
English |
format |
eBook |
author |
Patnaik, Prabhat, Patnaik, Prabhat, |
spellingShingle |
Patnaik, Prabhat, Patnaik, Prabhat, The Value of Money / Frontmatter -- Contents -- Preface -- Introduction -- 1. The Great Divide in Economics -- Part 1. The Infirmity of Monetarism -- 2. The Monetarist Theory -- 3. Equilibrium and Historical Time -- 4. The Modus Operandi of Monetarist Theory -- 5. The Cash Transactions Approach to Monetarism -- 6. An Excursus on Rational-Expectation Equilibria -- 7. An Excursus on Methodological Individualism -- 8. An Excursus on Walrasian Equilibrium and Capitalist Production -- Part 2. The Superiority of Propertyism -- 9. A Critique of Ricardo's Theory of Money -- 10. Marx on the Value of Money -- 11. An Excursus on Marx's Theory of Value -- 12. Marx's Solution to a Dilemma -- 13. Alternative Interpretations of Keynes -- 14. A Digression on a Keynesian Dilemma -- 15. Marx, Keynes, and Propertyism -- Part 3. The Incompleteness of Propertyism -- 16. The Incompleteness of Propertyism -- 17. A Solution to the Incompleteness -- 18. Capitalism as a Mode of Production -- 19. Money in the World Economy -- 20. Capitalism and Imperialism -- Notes -- Bibliography -- Index |
author_facet |
Patnaik, Prabhat, Patnaik, Prabhat, |
author_variant |
p p pp p p pp |
author_role |
VerfasserIn VerfasserIn |
author_sort |
Patnaik, Prabhat, |
title |
The Value of Money / |
title_full |
The Value of Money / Prabhat Patnaik. |
title_fullStr |
The Value of Money / Prabhat Patnaik. |
title_full_unstemmed |
The Value of Money / Prabhat Patnaik. |
title_auth |
The Value of Money / |
title_alt |
Frontmatter -- Contents -- Preface -- Introduction -- 1. The Great Divide in Economics -- Part 1. The Infirmity of Monetarism -- 2. The Monetarist Theory -- 3. Equilibrium and Historical Time -- 4. The Modus Operandi of Monetarist Theory -- 5. The Cash Transactions Approach to Monetarism -- 6. An Excursus on Rational-Expectation Equilibria -- 7. An Excursus on Methodological Individualism -- 8. An Excursus on Walrasian Equilibrium and Capitalist Production -- Part 2. The Superiority of Propertyism -- 9. A Critique of Ricardo's Theory of Money -- 10. Marx on the Value of Money -- 11. An Excursus on Marx's Theory of Value -- 12. Marx's Solution to a Dilemma -- 13. Alternative Interpretations of Keynes -- 14. A Digression on a Keynesian Dilemma -- 15. Marx, Keynes, and Propertyism -- Part 3. The Incompleteness of Propertyism -- 16. The Incompleteness of Propertyism -- 17. A Solution to the Incompleteness -- 18. Capitalism as a Mode of Production -- 19. Money in the World Economy -- 20. Capitalism and Imperialism -- Notes -- Bibliography -- Index |
title_new |
The Value of Money / |
title_sort |
the value of money / |
publisher |
Columbia University Press, |
publishDate |
2009 |
physical |
1 online resource (280 p.) Issued also in print. |
contents |
Frontmatter -- Contents -- Preface -- Introduction -- 1. The Great Divide in Economics -- Part 1. The Infirmity of Monetarism -- 2. The Monetarist Theory -- 3. Equilibrium and Historical Time -- 4. The Modus Operandi of Monetarist Theory -- 5. The Cash Transactions Approach to Monetarism -- 6. An Excursus on Rational-Expectation Equilibria -- 7. An Excursus on Methodological Individualism -- 8. An Excursus on Walrasian Equilibrium and Capitalist Production -- Part 2. The Superiority of Propertyism -- 9. A Critique of Ricardo's Theory of Money -- 10. Marx on the Value of Money -- 11. An Excursus on Marx's Theory of Value -- 12. Marx's Solution to a Dilemma -- 13. Alternative Interpretations of Keynes -- 14. A Digression on a Keynesian Dilemma -- 15. Marx, Keynes, and Propertyism -- Part 3. The Incompleteness of Propertyism -- 16. The Incompleteness of Propertyism -- 17. A Solution to the Incompleteness -- 18. Capitalism as a Mode of Production -- 19. Money in the World Economy -- 20. Capitalism and Imperialism -- Notes -- Bibliography -- Index |
isbn |
9780231519212 9783110442472 9780231146760 |
callnumber-first |
H - Social Science |
callnumber-subject |
HG - Finance |
callnumber-label |
HG220 |
callnumber-sort |
HG 3220 A2 P38 42009 |
url |
https://doi.org/10.7312/patn14676 https://www.degruyter.com/isbn/9780231519212 https://www.degruyter.com/document/cover/isbn/9780231519212/original |
illustrated |
Not Illustrated |
dewey-hundreds |
300 - Social sciences |
dewey-tens |
330 - Economics |
dewey-ones |
332 - Financial economics |
dewey-full |
332.401 |
dewey-sort |
3332.401 |
dewey-raw |
332.401 |
dewey-search |
332.401 |
doi_str_mv |
10.7312/patn14676 |
oclc_num |
861793250 |
work_keys_str_mv |
AT patnaikprabhat thevalueofmoney AT patnaikprabhat valueofmoney |
status_str |
n |
ids_txt_mv |
(DE-B1597)459203 (OCoLC)861793250 |
carrierType_str_mv |
cr |
hierarchy_parent_title |
Title is part of eBook package: De Gruyter Columbia University Press eBook-Package Backlist 2000-2013 |
is_hierarchy_title |
The Value of Money / |
container_title |
Title is part of eBook package: De Gruyter Columbia University Press eBook-Package Backlist 2000-2013 |
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fullrecord |
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Capitalism and Imperialism -- </subfield><subfield code="t">Notes -- </subfield><subfield code="t">Bibliography -- </subfield><subfield code="t">Index</subfield></datafield><datafield tag="506" ind1="0" ind2=" "><subfield code="a">restricted access</subfield><subfield code="u">http://purl.org/coar/access_right/c_16ec</subfield><subfield code="f">online access with authorization</subfield><subfield code="2">star</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Why is money more valuable than the paper on which it is printed? Monetarists link the value of money to its supply and demand, believing the latter depends on the total value of the commodities it circulates. According to Prabhat Patnaik, this logic is flawed. 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