Nominal and Real Money, General Equivalent and Value

Andrea Carrera () and Alvaro Cencini ()
Additional contact information
Andrea Carrera: Complutense University of Madrid and Complutense Institute for International Studies
Alvaro Cencini: Università della Svizzera italiana

Chapter Chapter 2 in National and International Monetary Payments, 2024, pp 15-49 from Palgrave Macmillan

Abstract: Abstract Classical economists, from Smith to Ricardo, from Say to Marx, have the merit to have inquired about the nature of money and its link to value. Aware that money is a ‘vehicle’ which conveys produced goods from hand to hand, the classics paved the way for a novel conception of money as a nominal means rather than an object of payment. This chapter starts with the classical distinction between nominal and real money and delves into the search for the absolute measure of value carried out by Ricardo and Marx. Emphasis is placed on the role of labour in the classical theory of value. All this provides for founding elements of a contemporary study of national monetary phenomena.

Keywords: Classical economics; Nominal and real money; Objective theory of value; Labour theory of value (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:pshchp:978-3-031-51737-2_2

Ordering information: This item can be ordered from
http://www.palgrave.com/9783031517372

DOI: 10.1007/978-3-031-51737-2_2

Access Statistics for this chapter

More chapters in Palgrave Studies in the History of Economic Thought from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().