The Theory and Empirical Credibility of Commodity Money
Bibliographic Data
| ID | 10487175 |
|---|---|
| Authors | John Weeks (0000-0003-1777-1656, The Cottage Chalk Dell East Meon, Hants GU321PQ, UK, corresponding author) |
| Year | 2012 |
| Volume | 76 |
| Issue | 1 |
| Pages | 66-94 |
| Publication date | 2012-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Science & Society (JOURNAL) |
| Journal identifiers | ISSN: 0036-8237 • E-ISSN: 1943-2801 |
| Publisher | Guilford Press (PUBLISHER • US) |
| DOI | 10.1521/siso.2012.76.1.66 |
| OpenAlex | W2142987364 |
| Language | EN |
| Citations received | 2 |
| References cited | 25 |
The recent instability in financial markets demonstrated the inadequacy of the mainstream treatment of money and the underlying production base. This has stimulated inter est in the possible role of a money commodity. The fundamental function of monetary theory, an explanation of the general level of prices, is provided through only two analytical mechanisms, quantity-based valueless money or a money commodity. The quantity-based explanation is unsound by its own logic. The theoretical argument for commodity-based money, on the other hand, is analytically consistent. This theoretical superiority has little practical impact because the commodity money hypothesis is considered empirically absurd. However, a link between gold and aggregate prices in the United States since the end of World War II can be demonstrated, and this link has prima facie credibility. This credibility might motivate Marxists and other critics of mainstream economics to give serious consideration to commodity-based monetary theory
Argument (complex analysis · Commodity · Commodity swap · Credibility · Economics · Endogenous money · Financial economics · Futures contract · Keynesian economics · Macroeconomics · Mainstream · Market economy · Monetary economics · Monetary policy · Prima facie · Quantity theory of money · Speculation · Economic Theory and Institutions · Economic Theory and Policy · Philosophy · Political Economy and Marxism
The general theory of employment, interest, and money
An inquiry into the principles of political oeconomy
On the principles of political economy, and taxation.
The Monetary Theory of Production
The General Theory of Employment
Liquidity Preference as Behavior Towards Risk
Marx’s Anti-Quantity Theory of Money
The modern foundations of Marx's monetary economics
The Theory of Credit Money
The Commodity Nature of Money in Marx’s Theory
Transforming the Transformation Problem
Marx's Theory of Money
On the Principles of Political Economy, and Taxation
Essays in Monetary Theory
Financialised Capitalism
Why Marx Neither Has Nor Needs a Commodity Theory of Money
On the Issue of Capitalist Circulation and the Concepts Appropriate to its Analysis
Gold Digging
The Theory of Credit Money
Commodities and Gifts
The Quality Bias in Price Indices
Marx's Theory of Money
| Unique citing works | 2 |
|---|---|
| Citations per year | 0,22 |
| Citation span | 2017 - 2021 (5) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 2 |