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Die Neutralitätstheorie des Geldes: Ein kritischer Überblick

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  • Ulaş Şener

Abstract

Ökonomen wie Wirtschaftspolitiker berufen sich auf die Neutralitätstheorie des Geldes, wenn sie eine Entpolitisierung der Geldpolitik fordern. Sowohl die Theorie der Geldneutralität als auch das Paradigma der Entpolitisierung der Geldpolitik sind jedoch problematisch. Die politökonomischen Entwicklungen nach der globalen Finanz- und Wirtschaftskrise 2007/2008 und die jüngsten Kontroversen über die Rolle und Bedeutung von Geld haben dies deutlich vor Augen geführt. Die vorliegende Arbeit diskutiert zunächst die konzeptionellen Grundlagen und theoretischen Modelle der Geldneutralität. Anschließend werden die zentralen theoretischen Annahmen und Aussagen der Neutralitätstheorie aus einer kritischen heterodoxen Perspektive hinterfragt. Es wird argumentiert, dass Geld eine nicht-neutrale Produktionskraft ist, die weder ökonomisch noch sozial neutral ist. Die Bedingungen, unter denen Geld verfügbar ist und zirkuliert, sind richtungsweisend für die ökonomische Entwicklung. Daher kann es auch kein neutrales Geld oder gar eine apolitische Geldpolitik geben.

Suggested Citation

  • Ulaş Şener, 2016. "Die Neutralitätstheorie des Geldes: Ein kritischer Überblick," Potsdam Economic Papers 04, 2nd. ed., Universität Potsdam, Wirtschafts- und Sozialwissenschaftliche Fakultät.
    • Handle: RePEc:pot:pecpap:04b
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    Keywords

    Geldneutralität; Heterodoxe Ökonomik; Endogenität des Geldes;
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