IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-1-137-30295-3_3.html
   My bibliography  Save this book chapter

Ingham and Keynes on the Nature of Money

In: Financial Crises and the Nature of Capitalist Money

Author

Listed:
  • M. G. Hayes

Abstract

In 1933, Keynes wrote of the need for a monetary theory of production — that is, a theory of production and value in a monetary economy (Keynes, 1933). He argued that the distinction between a barter and a monetary economy, traditionally made by economists, needed to be recast as one between a real-exchange economy (a fictional theoretical construct created by economists) and the monetary economy we actually observe. A real-exchange economy may use money as a means of exchange (the characteristic traditionally attributed to a monetary economy) but the role of money is neutral, a simple go-between in a relation between things, more efficient than barter, which drops out on consolidation when we consider the economy as a whole. Rather Keynes sought a theoretical conception of the observable market economy which recognises, as anything but neutral, the essential role of money in its operation.

Suggested Citation

  • M. G. Hayes, 2013. "Ingham and Keynes on the Nature of Money," Palgrave Macmillan Books, in: Jocelyn Pixley & G. C. Harcourt (ed.), Financial Crises and the Nature of Capitalist Money, chapter 2, pages 31-45, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-30295-3_3
    DOI: 10.1057/9781137302953_3
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Ingham, Geoffrey, 2004. "The nature of money," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 5(2), pages 18-28.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Giuseppe Mastromatteo & Lorenzo Esposito, 2015. "The Two Approaches to Money: Debt, Central Banks, and Functional Finance," Economics Working Paper Archive wp_855, Levy Economics Institute.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Matias Vernengo, 2005. "Economics Ideas and Institutions in Historical Perspective: Cairú and Hamilton on Trade and Finance," Working Paper Series, Department of Economics, University of Utah 2005_08, University of Utah, Department of Economics.
    2. Jane S Pollard, 2007. "Making Money, (Re)Making Firms: Microbusiness Financial Networks in Birmingham's Jewellery Quarter," Environment and Planning A, , vol. 39(2), pages 378-397, February.
    3. Luigi Doria & Luca Fantacci, 2018. "Evaluating complementary currencies: from the assessment of multiple social qualities to the discovery of a unique monetary sociality," Quality & Quantity: International Journal of Methodology, Springer, vol. 52(3), pages 1291-1314, May.
    4. Dini, Paolo & Kioupkiolis, Alexandros, 2019. "The alter-politics of complementary currencies: the case of Sardex," LSE Research Online Documents on Economics 101368, London School of Economics and Political Science, LSE Library.
    5. Beckert Jens, 2018. "Woher kommen Erwartungen?: Die soziale Strukturierung imaginierter Zukünfte," Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, De Gruyter, vol. 59(2), pages 507-523, May.
    6. Perry Mehrling & Laurence S. Moss & Jocelyn Pixley & George S. Tavlas, 2007. "What If the Leader of the Central Bank Told Hilarious Jokes and Did Card Tricks? A Panel of Experts," American Journal of Economics and Sociology, Wiley Blackwell, vol. 66(5), pages 863-887, November.
    7. Hager, Sandy Brian, 2013. "Public Debt, Ownership and Power: The Political Economy of Distribution and Redistribution," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 157991, September.
    8. Eric Kam & John Smithin, 2012. "Capitalism in One Country? A Re-examination of Mercantilist Systems from the Financial Point of View," Chapters, in: Louis-Philippe Rochon & Salewa ‘Yinka Olawoye (ed.), Monetary Policy and Central Banking, chapter 3, Edward Elgar Publishing.
    9. Di Muzio, Tim & Dow, Matthew, 2017. "Uneven and Combined Confusion: On the Geopolitical Origins of Capitalism and the Rise of the West," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 30(1), pages 3-22.
    10. Jérôme Blanc, 2017. "Unpacking monetary complementarity and competition: a conceptual framework," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 41(1), pages 239-257.
    11. Koddenbrock, Kai, 2017. "What money does: An inquiry into the backbone of capitalist political economy," MPIfG Discussion Paper 17/9, Max Planck Institute for the Study of Societies.
    12. Beckert, Jens, 2011. "Imagined futures. Fictionality in economic action," MPIfG Discussion Paper 11/8, Max Planck Institute for the Study of Societies.
    13. Dionysopoulos, Lambis & Marra, Miriam & Urquhart, Andrew, 2024. "Central bank digital currencies: A critical review," International Review of Financial Analysis, Elsevier, vol. 91(C).
    14. Garzón Espinosa, Eduardo & Cruz Hidalgo, Esteban & Medialdea Garcia, Bibiana & Sanchez Mato, Carlos, 2023. "Money or Crypto-Gold? Problematics and Possible Worlds for Cryptocurrencies," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 76(3), pages 429-452.
    15. Baronian, Laurent, 2021. "The Time-Spaces Of Capitalism: Suzanne De Brunhoff And Monetary Thought After Marx," Journal of the History of Economic Thought, Cambridge University Press, vol. 43(3), pages 420-432, September.
    16. Ament, Joe, 2020. "An ecological monetary theory," Ecological Economics, Elsevier, vol. 171(C).
    17. Camille Meyer & Marek Hudon, 2019. "Money and the Commons: An Investigation of Complementary Currencies and Their Ethical Implications," Journal of Business Ethics, Springer, vol. 160(1), pages 277-292, November.
    18. Motta, Wallis & Dini, Paolo & Sartori, Laura, 2017. "Self-funded social impact investment: an interdisciplinary analysis of the Sardex mutual credit system," LSE Research Online Documents on Economics 73961, London School of Economics and Political Science, LSE Library.
    19. Amir-Ud-Din, Rafi, 2014. "Maqāṣid al-Sharīʿah: Are We Measuring The Immeasurable?," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 22, pages 1-32.
    20. Camille Meyer & Marek Hudon, 2017. "Alternative organizations in finance: commoning in complementary currencies," Working Papers CEB 17-015, ULB -- Universite Libre de Bruxelles.

    More about this item

    Keywords

    Interest Rate; Real Wage; European Central Bank; Monetary Economy; Capital Control;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-1-137-30295-3_3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.