Book notes: Money, by Geoffrey Ingham
The incompatible theories of money: Ingham reveals the fundamental clash of ideas
Geoffrey Ingham, Money, Polity, 2020, 189 pages
Sociologist Geoffrey Ingham presents two grand theories of money – the commodity theory and the credit (or claim) theory. He follows the great economist Joseph Schumpeter in seeing these theories as incompatible. Money is either a commodity or a claim. According to the first, money evolved from barter. It gains value from the material that it consists of or is tied to (eg, gold or silver). According to the second, its value derives from the debts
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Economic theory
Schnabel: ECB could replace central forecast scenario
ECB should consider using alternative scenarios and dot plots to convey uncertainty, official says
Escaping the structural liquidity trap
Investment needs to be subsidised not taxed if developed countries want to avoid inflation and financial crises, writes Andrew Smithers
Book notes: My journeys in economic theory, by Edmund Phelps
Six decades of the Nobel Prize-winner’s thoughts – from micro-foundations of macro theory to the possibilities beyond working, saving and investing
Joseph Stiglitz on the challenge of fixing macroeconomics
Nobel Prize-winner discusses if central banks went wrong in 2021 and what to do about inflation
Book notes: The money minders, by Jagjit S Chadha
This book acts as an invaluable primer on money-credit-fiscal theory and practice
University of Buckingham to launch first central banking master’s degree
Monetary economics to form core of the year-long course
Most read
- BIS’s Zhang Tao on why Asian central banks favour a broader policy mix
- Central bank of the year: Central Bank of Brazil
- Central banks prepare for the rise of AI