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Money and value: a synthesis of the state theory of money and original institutional economics

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  • Georgios Papadopoulos

    (Erasmus University)

Abstract

The paper proposes a synthesis of original institutional economics and in particular of the work of John R. Commons with the state theory of money, constructing a theoretical framework for the analysis of economic value in relation to money. The argument developed resists the naturalistic, individualistic, neoclassical analysis of value, proposing an account based on antagonism and negotiation framed by social institutions and more specifically by the institution of money. Money plays an active role in the process of the constitution of the system of prices, creating possibilities of mediation in the conflicts around the distribution of social production and contributing towards the establishment of ‘reasonable value’ in economic transactions.

Suggested Citation

  • Georgios Papadopoulos, 2013. "Money and value: a synthesis of the state theory of money and original institutional economics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 6(2), May.
    • Handle: RePEc:bus:jphile:v:6:y:2013:i:2:n:3
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    References listed on IDEAS

    as
    1. Laidler, David, 1969. "The Definition of Money: Theoretical and Empirical Problems," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(3), pages 508-525, August.
    2. Rutherford,Malcolm, 1996. "Institutions in Economics," Cambridge Books, Cambridge University Press, number 9780521574471, September.
    3. Dan Kovenock, 2002. "Fiat Exchange in Finite Economies," Economic Inquiry, Western Economic Association International, vol. 40(2), pages 147-157, April.
    4. Georgios Papadopoulos, 2009. "Between Rules and Power: Money as an Institution Sanctioned by Political Authority," Journal of Economic Issues, Taylor & Francis Journals, vol. 43(4), pages 951-969.
    5. Kaufman, George G, 1969. "More on an Empirical Definition of Money," American Economic Review, American Economic Association, vol. 59(1), pages 78-87, March.
    6. G. Hodgson, 2007. "What Are Institutions?," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 8.
    7. Charles Goodhart, 1989. "Money, Information and Uncertainty: 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262071223, April.
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    Cited by:

    1. Telma Barrantes-Fernández & Esteban Cruz-Hidalgo & José Francisco Rangel-Preciado & Francisco Manuel Parejo-Moruno, 2023. "Decommodify the 2030 Agenda: Why and How to Finance What Is Not Profitable?," Sustainability, MDPI, vol. 15(5), pages 1-16, February.
    2. Georgios Papadopoulos, 2014. "Review of Ole Bjerg, Making Money: The Philosophy of Crisis Capitalism, London: Verso, 2014, 256 pp., pb, £19.99, ISBN 9781781682654," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 7(2), May.

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    More about this item

    Keywords

    reasonable value; institutions; social antagonism;
    All these keywords.

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General

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