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 ...
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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--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.
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Add this copy of The Value of Money to cart. $19.00, very good condition, Sold by JDH Lawton OK rated 5.0 out of 5 stars, ships from LAWTON, OK, UNITED STATES, published 2009 by Columbia University Press.
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Seller's Description:
Very good in very good dust jacket. Ex-library. Sewn binding. Cloth over boards. With dust jacket. 256 p. Contains: Figures. Audience: General/trade. LCCN 2008047974 Type of material Book Personal name Patnaik, Prabhat. Main title The value of money / Prabhat Patnaik. Published/Created New York: Columbia University Press, c2009. Description xx, 256 p. : ill.; 24 cm. ISBN 9780231146760 (hard cover: alk. paper) 0231146760 (hard cover: alk. paper) 9780231519212 (e-book) 0231519214 (e-book) LC classification HG220. A2 P38 2009 Subjects Money. Notes Previously published: New Delhi: Tulika Books, 2008. Includes bibliographical references (p. [243]-246) and index. Dewey class no. 332.401 National bib no. GBA8E1040 National bib agency no. 014857479 Other system no. (OCoLC)ocn276930324
Add this copy of The Value of Money to cart. $19.25, new condition, Sold by Media Smart rated 3.0 out of 5 stars, ships from Hawthorne, CA, UNITED STATES, published by Tulika Books.
Add this copy of The Value of Money to cart. $26.38, very good condition, Sold by Midtown Scholar Bookstore rated 5.0 out of 5 stars, ships from Harrisburg, PA, UNITED STATES, published 2009 by Columbia University Press.
Add this copy of The Value of Money to cart. $26.39, good condition, Sold by Midtown Scholar Bookstore rated 5.0 out of 5 stars, ships from Harrisburg, PA, UNITED STATES, published 2009 by Columbia University Press.
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Good-Bumped and creased book with tears to the extremities, but not affecting the text block, may have remainder mark or previous owner's name-GOOD Standard-sized.
