Money and its Origins

Karimzadi, Shahzavar

doi:10.4324/9780203102237

Cited by 8 publications

(7 citation statements)

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“…Money is not a universally given medium, nor a social relationship principle [5,118]. The concept of money is fully human made and an issue controlled within the science of law.…”

Section: Resultsmentioning

confidence: 99%

Legal Importance of Money Creation

Bočs

2015

SOCRATES

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“…Money is not a universally given medium, nor a social relationship principle [5,118]. The concept of money is fully human made and an issue controlled within the science of law.…”

Section: Resultsmentioning

confidence: 99%

Legal Importance of Money Creation

Bočs

2015

SOCRATES

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“…If compliant with certain characteristics (Einzig, 1966), real money solves the problem of double coincidence of wants as a medium of exchange, facilitates savings as a store of value, enables debt as a unit of deferred payments, and reduces the number of commodity prices from ! to − 1 as a unit of account ( Karimzadi, 2013;Schumpeter, 2014;Smithin, 2014).…”

Section: Real and Nominal Pricesmentioning

confidence: 99%

“…Given the hurdles inherent in using real money (Karimzadi, 2013), societies further facilitate exchange by adopting nominal money as a representation of real money (Poor, 1969…”

Section: Real and Nominal Pricesmentioning

confidence: 99%

Why Are Prices Proportional to Embodied Energies?

Leiva

2019

Biophys Econ Resour Qual

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The observed proportionality between nominal prices and average embodied energies cannot be interpreted with conventional economic theory. A model is presented that places energy transfers as the focal point of scarcity based on the idea that (1) goods are material rearrangements, and (2) humans can only rearrange matter with energy transfers. Modified consumer and producer problems for an autarkic agent show that the opportunity cost of goods are given by their marginal energy transfers, which depend on subjective and objective factors (e.g. consumer preferences and direct energy transfers). Allowing for exchange and under perfect competition, nominal prices arise as social manifestations of goods' marginal energy transfers. The proportionality between nominal prices and average embodied energy follows given the relation between the latter and marginal energy transfers. JEL Classification: D11, D21, O13, Q40 Nomenclature , Demand of final good f during , Demand of energy good , Demand of prime mover (PM) , Av. energy transfer of any good , Mg. energy transfer of good Quantity elasticity (QE) of , QE of average embodied energy of Energy surplus Marginal utility of energy surplus , -period discount factor at , Direct energy transfers on , Av. power scarcity cost of mg. Γ , Embodied energy of PM producing , , Quantity of producing ̃, Endowment of 's direct energy transfer 's power rate , 's power scarcity cost/energy surplus 's depreciation rate − , , ′ Mg. req. of production function Energy good 's energy content Θ Over-assignment of energy surplus Λ , Energy assigned per unit of c Commodity price Real price of any good Nominal price of any good k Mg. energy transfer of real money Syn. energy transf. of nom. money Quantity of real money Quantity of nominal money

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“…The government's power to create money, in turn, implied a choice to save some economic actors and not others, as the quick turnaround in finance contrasted almost immediately with stagnation and austerity elsewhere. Meanwhile, the obvious power of abstract constructions of insurance and debt over the real, as opposed to financial, economy inspired a renewed scholarly focus on capitalism and money, and the role the history of money and its myths play in our understanding of the world (Graeber ; Wennerlind ; Amato and Fantacci ; Brown ; Zakim and Kornblith ; Granville ; Karimzadi ; Peacock ; Piketty ; Sklansky ; Stern and Wennerlind ; Spang ; Streeck ; Dodd ).…”

Section: Two Views Of Money and Its Originsmentioning

confidence: 99%

“…Before we return to that, however, it is useful to think about where Desan's analysis leaves us in terms of our original dichotomy between the orthodox and governance views of the origin of money. Desan is not the first author to claim that the orthodox conjectural history of money has no historical basis (Innes 1913; Polanyi, Arensberg, and Pearson 1957; Wray 1998; Smithin 2002; Graeber 2011; Karimzadi 2013; Peacock 2013). However, what Desan has given us, and earlier authors have not, is a thorough alternative, grounded in legal history, that, helpfully, includes an origin story for the orthodox account of money's origins.…”

Section: The Making Money Analysismentioning

confidence: 99%

The American Revolution and Christine Desan's New History of Money

Edwards¹

2017

Law soc. inq.

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This essay argues that Christine Desan's Making Money: Coin, Currency and the Coming of Capitalism intervenes decisively in debates over the origin of money, while making a fundamental contribution to the legal history of money, the philosophy of money, and the history of capitalism. Desan shows money to be a mode of governance, created by rulers to extend their power, and maintained and managed by their successors. She argues that British politicians reinvented money at the end of the seventeenth century, creating the essential institutional basis for contemporary capitalism. The essay builds on Desan's analysis, showing how the tools she develops to understand the origins and development of British money can help us explain the expansion of capitalism, and the transition to capitalism associated with the American Revolution.

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Money and its Origins

Cited by 8 publications

References 0 publications

Legal Importance of Money Creation

Legal Importance of Money Creation

Why Are Prices Proportional to Embodied Energies?

The American Revolution and Christine Desan's New History of Money

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