A New Meme for Money

L. Randall Wray

Chapter 5 in Financial Crises and the Nature of Capitalist Money, 2013, pp 79-100 from Palgrave Macmillan

Abstract: Abstract As my economics training began in the Institutionalist tradition, I was exposed from the start to the view that money is not a ‘thing’ but rather an institution. This meant more than the obvious fact that most of our ‘money supply’ is issued by private bank ‘institutions’. Institutionalists define institutions broadly to include socialized patterns of behaviour or even thought. Dudley Dillard was foremost among Institutionalists for emphasizing that money is an institution. However, I have to admit that exactly what is meant by the phrase ‘money is a social relation’ was left rather hazy.

Keywords: Government Spending; Dynamic Stochastic General Equilibrium; Public Purpose; Tribal Society; State Money (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-30295-3_6

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DOI: 10.1057/9781137302953_6

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