Search Results for: inflation

By Andreas Lückert* 1. Introduction Money is “what we use to pay things”. In order to be efficient it needs to be generally accepted. (Lerner, 1947) The question arises how this general acceptability gets created. The true origin of money will … Continue reading →

By Samuel Ellenbogen* The nature of money has been a discussion entailing ongoing debate between historians, philosophers, and economists for centuries as Bell (2001) wrote. There is no easy solution to the delineation of almost all aspects of money; from … Continue reading →

By Kian Lua* Money is a quintessential aspect of our society, however rarely would someone ponder upon and seek to understand what money really is or how it functions in the economy. There are several stories or theories about the … Continue reading →

By  Darren Prince* There are different views on the importance of banks in regards to what functions banks actually perform and how they interact with other aspects of an economy.  There are two main approaches to the banking industry and … Continue reading →

By Jack Wendland* Neoclassical economics has largely relegated money to the role of neutral medium of exchange.  A closer, more historical look at money reveals that, from the beginning, money has always been credit offset by debt, not a medium … Continue reading →

By Matthew Berg* Introduction This paper argues that a monetary production credit economy must necessarily have a hierarchy of money (Foley 1983; Bell 2001) in which some IOUs are more liquid and more acceptable than others, and in which default on … Continue reading →

By Ryan M. Pope* Hyman P. Minsky said he thought there were as many forms of capitalism as Heinz had pickles.  The same can be said about the different types of banking within the financial system.  The system has undergone … Continue reading →

By Vincent Huang* I. Introduction The discrepancy between the orthodox (primarily neoclassical) and the heterodox (Post Keynesian, Chartalism, MMT, etc.) schools of thought rests fundamentally in their different perception in the way the capitalist economy functions.  Such discrepancy can be … Continue reading →