Search Books
The Value of Money
Description:
The Value of Money
Columbia University Press (March 1, 2009) | ISBN: 0231146760, 0231519214 | 260 pages | PDF | 17 MB
Why is money more valuable than the paper on which it is printed? Monetarists link the value of money to its supply and demand, believing the latter depends on the total value of the commodities it circulates. According to Prabhat Patnaik, this logic is flawed. In his view, in any nonbarter economy, the value we assign to money is determined independently of its supply and demand.
Through an original and provocative critique of monetarism, Patnaik advances a revolutionary understanding of macroeconomics that highlights the "propertyist" position of Karl Marx and John Maynard Keynes. Unlike the usual division between "classical" economists (e.g., David Ricardo and Marx) and the "marginalists" (e.g., Carl Menger, William Stanley Jevons, and L©on Walras), Patnaik places "monetarists," including Ricardo, on one side, while grouping propertyist writers like Marx, Keynes, and Rosa Luxemburg on the other. This second group subscribes to the idea that the value of money is given from outside the realm of supply and demand, therefore making money a form in which wealth is held. The fact that money is held as wealth in turn gives rise to the possibility of deficiency of aggregate demand under capitalism.
It is no accident that this possibility was highlighted by Marx and Keynes while going largely unrecognized by Ricardo and contemporary monetarists. At the same time, Patnaik points to a weakness in the Marx-Keynes tradition& mdash;namely, its lack of any satisfactory explanation of why the value of money, determined from outside the realm of supply and demand, remains relatively stable over long stretches of time. The answer to this question lies in the fact that capitalism is not a self-contained system but is born from a precapitalist setting with which it interacts and where it creates massive labor reserves that, in turn, impart stability to the value of money. Patnaik's theory of money, then, is also a theory of imperialism, and he concludes with a discussion of the contemporary international monetary system, which he terms the "oil-dollar" standard.
link download
or
link download
Labels:
Money
Labels
Accounting
Akio Morita
Albert Einstein
Amancio Ortega
Analysis
Antivirus
Art
Beyonce
Bill Gates
Billboard
Biography
Biography.Angelina Jolie
Body language
Both
Business
Business week
Calvin Klein
Carlos Slim
Chemistry
Computerwolrd
Conversation
Cosmopolitan
Cuisine
Diary
Dictionary
Donald Trump
Economic
Elle Canada
Entrepreneur
Environment
Finance
Gmat
Grammar
Gre
Harland Sanders
Harry Potter
Harvard business review
health beauty
History
Horoscope
Hot english
Icon
Idiom
Ielhttp://www.blogger.com/img/blank.gifts
Ielts
Information technology
Investing
Jackie Evancho
Larry Ellison
Linguistics
Listening
Listeninghttp://www.blogger.com/img/blank.gif
Living
Magazine
Management
Mark Zuckerberg
Math
Melinda Gates
Microsoft
Mini game
Money
More magazine
Movie
Music
Oprah magazine
Oprah Winfrey
Paul Allen
Pc Pro
Philip Knight
Photo
Programming
Pronunciation
R/C car magazine
Reading
Robin Li
Sam Walton
Science
Sergey Brin
Skills
Smart money
Smithsonian
Software
Spa magazine
Speaking
Sports travel
Steve Ballmer
Steve Jobs
Story
Syntax
TechSmart
The week
Toefl
Toeic
Tourism
Valentino Garavani
Vocabulary
Wallpaper
Wallpaper magazine
Warren Buffett
Wine access
Woman's era
World soccer
Writing