Monetary mechanisms of economic development: conceptual aspects of the analysis

V. V. Biryukov
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V. V. Biryukov: Omsk Humanitarian Academy, Omsk, Russian Federationia

Russian Journal of Social Sciences and Humanities, 2022, vol. 16, issue 2, 201-209

Abstract: The article deals with issues related to the complex changes taking place in the modern economy, which generate the need to search for new approaches to the analysis of macro processes, the relationship of monetary and real parameters. The purpose of the article is to substantiate the features of the formation of the paradigmatic framework for the development of monetary concepts of the modern mainstream and to develop a realistic vision of monetary mechanisms of economic development. The methodology of the research is determined by the inconsistency of the neoclassical approach to the analysis of value and money and the need to use the ideas of the institutional-evolutionary approach developed within the framework of the classical paradigm. The paper shows the paradigmatic limitations of the development of monetary theories of the mainstream, due to the reliance on methodological individualism; the specificity of the cognitive potential developed within the framework of the classical paradigm of K. Marx’s monetary theory is revealed.; and also an endogenous by nature value-institutional approach to the development of monetary theory corresponding to classical traditions is proposed, which allows taking into account the peculiarities of the development of the national economy and the formation of the institution of money as a universally recognized symbol of a certain part of GDP being created. The author comes to the conclusion that the modern wave of monetary research testifies to the increasing importance of classical school ideas, the importance of abandoning traditional ideas associated with the absolutization of the monetary measures role, and the state’s fiscal and institutional policy based on maintaining a fair balance of interests in accordance with modern challenges.

Keywords: value theory; money; monetary theory; classical paradigm; institutions; monetary policy (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:aws:omskjl:v:16:y:2022:i:2:p:201-209

DOI: 10.17238/issn1998-5320.2022.16.2.21

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