The origin of money from the money-debt approach

El origen del dinero desde un enfoque de dinero-deuda

Eduardo Garzón Espinosa ()
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Eduardo Garzón Espinosa: Department of Economy and Public Finance, Universidad Autónoma de Madrid.

Iberian Journal of the History of Economic Thought, 2019, vol. 6, issue 1, 37-54

Abstract: There are two fundamental approaches to the nature and origin of money that are incompatible with each other: money-commodity and money-debt. The first one has occupied a hegemonic position in the academy —and so outside it— throughout history. On the other hand, the money-debt approach was developed in response to the conventional view, although it currently occupies a marginal place in the academic sphere and is barely known beyond it. Despite its low popularity, the unorthodox outlook of money-debt is much more useful in order to understand the origin and nature of money; and represents a much more accurate analytical framework to monetary phenomena. In this paper a detailed review of the origin of money from this less-known approach is made in order to demonstrate its analytical superiority against the hegemonic approach that suffers from significant theoretical inconsistencies and a lack of empirical support.

Keywords: Origin of money; Commodity; Debt; Theoretical approach.; Origen del dinero; Mercancía; Deuda; Enfoque analítico. (search for similar items in EconPapers)
JEL-codes: E42 E51 N10 (search for similar items in EconPapers)
Date: 2019
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Dpto. Historia e Instituciones Económicas I. Facultad de CC. Económicas y Empresariales, Universidad Complutense de Madrid. Campus de Somosaguas. E-28223 Pozuelo de Alarcón (Madrid)

DOI: 10.5209/IJHE.64117

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