Rethinking exchange and prices

Jean- Luc Bailly

Chapter 5 in A Modern Guide to Rethinking Economics, 2017, pp 90-113 from Edward Elgar Publishing

Abstract: Our monetary economies of production are not based upon relative exchanges described by the standard theory. Money is neither a commodity nor a positive asset; it cannot be exchanged against physical goods and services. It follows that payments do not consist of mutual transfers of commodities. In fact, each producer working for the needs for the community produces wealth for himself. Further, transactions on any markets are absolute exchanges. One of the consequences of this is that market prices do not measure wealth; rather, they are coefficients of redistribution of products.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2017
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