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Теория цены денег. Из всеобщей истории // Price Theory of Monies, from Global History

Author

Listed:
  • D. Flynn O.

    (Pacific World History Institute & University of the Pacific)

  • Д. Флинн О.

    (Тихоокеанский университет, Тихоокеанский институт всемирной истории)

Abstract

This essay suggests replacement of all current monetary theories with a “Price Theory of Monies” (PTM). The PTM specifies four monetary functions: (1) Medium of Exchange, (2) Unit of Accounting, (3) Store of Value, and (4) Measure of Relative Values. The first three functions correspond with macroeconomic textbook counterparts. The Measure of Relative Values function, in contrast, corresponds with money in microeconomic analysis. Combination of all four monetary functions yields a theory without need for the microeconomics-macroeconomics dichotomy characteristic of conventional economic theory since the early 20th century. It is impossible for any single money to simultaneously fulfill all four monetary functions because the “Measure of Relative Value” is restricted to an intangible money, whereas the other three monetary functions require tangible monies. Application of the PTMs to monies today reveals that monies and credit instruments are distinct. In addition, non-credit-monies are distinct from credit-monies. Finally, trust plays a critical role in establishment and maintenance of market values of all tangible monies as well as market values of all credit instruments. В данной статье предлагается заменить все существующие монетарные теории «теорией цены денег». Предлагаемая теория определяет четыре функций денег: (1) средства обращения; (2) средства учета; (3) средства сохранения стоимости и (4) меры относительных стоимостей. Три первые функции совпадают с обычно перечисляемыми в экономических учебниках по макроэкономике. В отличии от них, функция меры относительных стоимостей принадлежит к сфере микроэкономики. Комбинация этих четырех функций позволяет избежать дихотомии макроэкономического и микроэкономического подходов, что является характерным еще с начала XX века. Невозможно выполнение деньгами одновременно всех четырех функций, поскольку мера относительных стоимостей ограничена к неосязаемым деньгам, тогда как остальные три функции требуют осязаемых денег. Применение предлагаемой теории позволяет обнаружить различие между деньгами и кредитными инструментами. Кроме того, некредитные деньги отличаются от кредитных денег. В конечном счете доверие играет критическую роль в установлении и поддержании рыночных стоимостей всех осязаемых денег, а также рыночных стоимостей всех кредитных инструментов.

Suggested Citation

  • D. Flynn O. & Д. Флинн О., 2017. "Теория цены денег. Из всеобщей истории // Price Theory of Monies, from Global History," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 5(2), pages 36-46.
    • Handle: RePEc:scn:00rbes:y:2017:i:2:p:36-46
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    References listed on IDEAS

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    1. Irigoin, Alejandra, 2013. "A trojan horse in Daoguang China? Explaining the flows of silver in and out of China," Economic History Working Papers 49082, London School of Economics and Political Science, Department of Economic History.
    2. Irigoin, Alejandra, 2013. "A 'Trojan Horse' in Daoguang China?: Explaining the flows of silver (and opium) in and out of China," MPRA Paper 43987, University Library of Munich, Germany.
    3. Kuroda, Akinobu, 2008. "Concurrent but non-integrable currency circuits: complementary relationships among monies in modern China and other regions," Financial History Review, Cambridge University Press, vol. 15(1), pages 17-36, April.
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