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What Is Money?

In: Ecological Money and Finance

Author

Listed:
  • Raphaël Didier

    (Université de Lorraine)

  • Thomas Lagoarde-Segot

    (KEDGE Business School and SDSN France)

Abstract

Very few social institutions are as essential to the functioning of human societies as money. Money can be compared to the oil in the engine of the modern economy. Without a sufficient quantity of money, the engine ‘seizes up’ (and is often irreparable); conversely, too much money can flood the engine (which must then be purged to function normally)). This chapter seeks to set the foundations for the study of money and finance by offering insight from neoclassical, Post-Keynesian and institutionalist monetary theories. All concepts are illustrated using examples taken from ancient and recent international monetary and financial history. The reader will get acquainted with the various functions of money and their relative importance, and discover the connection between debt, credit and money using double-entry accounting mechanisms. This analysis sets the ground for an informed discussion of the various historical forms of monetary sovereignty and monetary contestation.

Suggested Citation

  • Raphaël Didier & Thomas Lagoarde-Segot, 2023. "What Is Money?," Springer Books, in: Thomas Lagoarde-Segot (ed.), Ecological Money and Finance, chapter 0, pages 59-87, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-14232-1_3
    DOI: 10.1007/978-3-031-14232-1_3
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