Existing Literature: A Brief Tour

Mehdi Chowdhury ()
Additional contact information
Mehdi Chowdhury: Bournemouth University

Chapter Chapter 2 in Money and Inflation, 2024, pp 9-17 from Springer

Abstract: Abstract The chapter discusses the existing literature on money, specifically the commodity and credit theories of money are analysed as they encompass all existing theories. The commodity theory postulates that money originated as a medium of exchange to overcome the inconvenience of barter. This theory is lacking in historical evidence; however, it well explains many modern money including cryptocurrencies. The credit theory, instead, finds the origin of money in the debtors–creditors relationship. This theory is increasingly gaining the acceptance of modern monetary theorists, and well explains the money creation by commercial banks. The chapter points to the need to develop a new scholarship as these theories are inadequate in explaining money. The literature on inflation is not addressed in this chapter.

Keywords: Commodity money; Credit money; Barter; Medium of exchange; Unit of account; Wergild; Cryptocurrency; Stone money (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:spr:sprchp:978-3-031-52356-4_2

Ordering information: This item can be ordered from
http://www.springer.com/9783031523564

DOI: 10.1007/978-3-031-52356-4_2

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().