RETHINK
ECONOMICS
... and receive personalised notifications on
new pluralistic content directly into your inbox!

5. Money | Malavika Nair

Malavika Nair
Mises Institute, 2015
Level: beginner
Perspective: Austrian Economics
Topic: Crises, Money & Debt
Format: Lecture
Duration: 00:30:20
Link: https://www.youtube.com/watch?v=WfXnFJL9ldk

First, the classical, functional definition of money as unit of account, means of exchange and store of value is given and discussed. Then Carl Menger's theory of the emergence of money as an evolutionary process to solve the double coincidence of wants is outlined and state theories of money are dismissed. Afterwards issues of circular reasoning regarding the value of money and goods in a subjective valuation framework are discussed referring to Mises' temporal solution. Lastly, the power of banks to create money substitutes in a system of fractional reserve banking and the role of central banks in fiat money systems is criticized and contrasted with metalist money systems.

Go to: 5. Money | Malavika Nair

Donate

This project is brought to you by the Network for Pluralist Economics (Netzwerk Plurale Ökonomik e.V.).  It is committed to diversity and independence and is dependent on donations from people like you. Regular or one-off donations would be greatly appreciated.

 

Donate