What is the essence of money?

Author: Goodhart, C. A. E.

Source: Cambridge Journal of Economics, Volume 29, Number 5, September 2005 , pp. 817-825(9)

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Abstract:

Ingham combines insights from two hitherto largely separate social science fields, i.e., Chartalist theories of money and Weberian sociological theories on class struggle, to produce a wide-ranging and fascinating book, with a splendidly original Chapter 6 on the importance of establishing a constitutional monarchy in the UK for developing monetary institutions. This review finds the Chartalist analysis more compelling than the sociological emphasis on class struggle. Also, Ingham would dismiss many of the fundamental concepts of economics, e.g., long-run equilibrium, neutrality of money, natural rate of interest, etc., without providing any satisfactory alternative structure.

Keywords: Chartalism; Money; Methodenstreit; Class struggle

Document Type: Research article

DOI: http://dx.doi.org/10.1093/cje/bei061

Affiliations: 1: London School of Economics

Publication date: 2005-09-01

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The Cambridge Journal of Economics, founded in 1977 in the traditions of Marx, Keynes, Kalecki, Joan Robinson and Kaldor, provides a forum for theoretical, applied, policy and methodological research into social and economic issues.