What is the essence of money?

C. A. E. Goodhart

Cambridge Journal of Economics, 2005, vol. 29, issue 5, 817-825

Abstract: Ingham combines insights from two hitherto largely separate social science fields, i.e., Chartalist theories of money and Weberian sociological theories on class struggle, to produce a wide-ranging and fascinating book, with a splendidly original Chapter 6 on the importance of establishing a constitutional monarchy in the UK for developing monetary institutions. This review finds the Chartalist analysis more compelling than the sociological emphasis on class struggle. Also, Ingham would dismiss many of the fundamental concepts of economics, e.g., long-run equilibrium, neutrality of money, natural rate of interest, etc., without providing any satisfactory alternative structure. Copyright 2005, Oxford University Press.

Date: 2005
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