Utility, Money and Transaction Costs: Authoritarian vs Libertarian Monetary Policies

Estrella Trincado Aznar ()
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Estrella Trincado Aznar: Universidad Complutense de Madrid

History of Economic Ideas, 2005, vol. 13, issue 1, 57-77

Abstract: This paper shows that utilitarianism and libertarianism have a determining influence on moulding monetary theories. It compares Jeremy Bentham’s utilitarian theory with that of David Hume – a theory somehow based on the idea of usefulness – and that of Adam Smith – a libertarian theory critical of utilitarianism. Smith intended to demonstrate that, with regard to monetary issues, we could not cut free transaction costs through a hierarchy who addresses a fictional image. Conversely, Bentham and Hume formulated mechanisms to affect real variables through money issuing, arbitrating new ways of artificial incentive to action and reduction of transaction costs.

Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:hid:journl:v:13:y:2005:1:3:p:57-77

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