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This study is concerned with the time-honored problem of the change that is induced when money enters into the economy. As far back as Aristotle (Politics, pp. 1135-1143) the still-unanswered question regarding the dichotomy of the real-exchange and the monetary economy was raised. He contrasted Oeconomic, where people strive to obtain real utilities (household management), to Chrematistic, where they use money to make more money (art of wealth-acquisition): The true wealth consists of such values in use; for the quantity of possession of this kind, capable of making life pleasant, is not unlimited. There is, however, a second mode of acquiring things, to which we may by preference and with correctness give the name of Chrematistic, and in this case there appear to be no limits to riches and pos sessions. Trade does not in its nature belong to Chrematistic, for here the exchange has reference only to what is necessary to themselves. ( . . . ) In the case of Chrematistic, circulation is the source of riches. And it appears to revolve about money, for money is the beginning and end of this kind of exchange. Therefore also riches, such as Chre matistic strives for, are unlimited. ( . . . ) Oeconomic, not Chrematistic, has a limit ( . . . ;) the object of the former is something different from money, of the latter the augmenta tion of money ( . . .
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This book studies the dichotomy between real exchange and the monetary economy. Money has substantial nonneutral effects because other goods on the market have to compete with its unique costless liquidity services. Wealth holders, for instance, will only spend their money on goods the pecuniary or non-pecuniary returns of which match money's liquidity premium or its interest. Hence money, with its asymmetric cost-benefit structure and its intransitivity in exchange, influences prices, for instance, by preventing future scarcities or abundancies of goods being adequately reflected in their spot prices. One of the cash holders' options, namely the freedom of timing his transactions, reveals itself as the transactors' uncertainty, leaving an externalities problem to be dealt with. Because money is a means of transaction, interest paid on outside funds must be considered not as capital costs but as an unusual form of transaction costs. The same applies even more obviously to the interest paid by economic agents for money freshly acquired from the money issuing system. These and other central problems of monetary economics are investigated, and then resolved by the concept of a "neutral money" financial innovation, that is, bank money whose benefits from liquidity are neutralised by carrying or storage costs attached to that money (Keynes; Allais) instead of paying subsidies on cash balances (Friedman; Samuelson).
Contenu
1 Second-Best Capitalism.- 1 The Actual Standard of Welfare in Capitalism.- 2 Symptoms of Suboptimal Capitalism.- 3 The Significance of Money.- 2 Money's Costs and Benefits.- 4 The Transaction Cost Approach.- 5 The Concept of Interest-Bearing Money.- 6 The Equalization of Money's Cost and Benefit.- 3 The Production and Destruction of Monetary Liquidity.- 7 Production Costs and Benefits of Monetary Liquidity.- 8 Rewarding the Marplot in the Game of the Monetarized Economy.- 9 Private Destruction and Reissue of Money.- 4 Optimal Monetary Liquidity.- 10 Neutral Money.- 11 Predecessors.- 12 The Monetary Welfare Optimum.- 5 Establishing Neutral Money.- 13 Cost-Bearing Money: An Historical Retrospective.- 14 The Realization of Neutral Money.- References.