Money and Exchange

Money and Exchange Whether a theoretical system is realistic or not has been a major concern in economics, particularly in monetary theory, over the past century. Following John R. Hicks’s proposal that a realistic monetary theory could be constructed along an evolutionary path, starting with the workings of a real market, this volume considers whether we can look to the medieval economy as the point of departure. Money and Exchange draws upon the work of Aristotle, scholastic economists, Adam Smith, Karl Marx, William Stanly Jevons, and Léon Walras, as well as some modern monetary theorists, to provide a critical analysis of some basic theories that form the starting point of monetary analysis. It concentrates primarily on certain interrelated and fundamental building blocks of monetary theory, such as the difficulties of barter as the origin of money, the concept of exchange as an equation, the notion of the exchange relation as a relation of equality, the distinction between barter and monetary relations, and money and non-money commodities. This groundbreaking study dispels some of the old myths and conjectures concerning money and exchange and opens up the way for the development of new approaches to monetary theory—approaches that are both realistic and evolutionary. It will be of particular interest to researchers and students of monetary theory and history and of the history of economic thought. Sasan Fayazmanesh is Associate Professor of Economics at California State University, Fresno. His current areas of research include monetary history and theory, money and banking, the history, methodology, and philosophy of economics, and the political economy of the Middle East. Routledge Studies in the History of Economics 1 Economics as Literature 8 The History of Game Willie Henderson Theory, Volume 1 From the beginnings to 1945 2 Socialism and Marginalism in Robert W. Dimand and Economics 1870–1930 Mary Ann Dimand Edited by Ian Steedman 9 The Economics of W. S. Jevons 3 Hayek’s Political Economy Sandra Peart The socio-economics of order Steve Fleetwood 10 Gandhi’s Economic Thought Ajit K. Dasgupta 4 On the Origins of Classical Economics 11 Equilibrium and Economic Distribution and value Theory from William Petty to Edited by Giovanni Caravale Adam Smith Tony Aspromourgos 12 Austrian Economics in Debate Edited by Willem Keizer, 5 The Economics of Joan Bert Tieben, and Rudy van Zijp Robinson Edited by Maria Cristina 13 Ancient Economic Thought Marcuzzo, Luigi Pasinetti, and Edited by B. B. Price Alesandro Roncaglia 14 The Political Economy of 6 The Evolutionist Economics Social Credit and Guild of Léon Walras Socialism Albert Jolink Frances Hutchinson and Brian Burkitt 7 Keynes and the ‘Classics’ A study in language, 15 Economic Careers epistemology and mistaken Economics and economists in identities Britain 1930–1970 Michel Verdon Keith Tribe 16 Understanding ‘Classical’ 25 Marx’s Concept of Money: Economics the God of Commodities Studies in the long-period theory Anitra Nelson Heinz Kurz and Neri Salvadori 26 The Economics of 17 History of Environmental James Steuart Economic Thought Edited by Ramón Tortajada E. Kula 27 The Development of Economics 18 Economic Thought in in Europe since 1945 Communist and Post- Edited by A. W. Bob Coats Communist Europe Edited by Hans-Jürgen Wagener 28 The Canon in the History of Economics 19 Studies in the History of Critical essays French Political Economy Edited by Michalis From Bodin to Walras Psalidopoulos Edited by Gilbert Faccarello 29 Money and Growth 20 The Economics of John Rae Selected papers of Allyn Edited by O. F. Hamouda, C. Lee, Abbott Young and D. Mair Edited by Perry G. Mehrling and Roger J. Sandilands 21 Keynes and the Neoclassical Synthesis 30 The Social Economics of Einsteinian versus Newtonian Jean-Baptiste Say macroeconomics Markets and virtue Teodoro Dario Togati Evelyn L. Forget 22 Historical Perspectives on 31 The Foundations of Macroeconomics Laissez-Faire Sixty years after the ‘General The economics of Pierre de Theory’ Boisguilbert Edited by Philippe Fontaine and Gilbert Faccarello Albert Jolink 32 John Ruskin’s Political 23 The Founding of Institutional Economy Economics Willie Henderson The leisure class and sovereignty Edited by Warren J. Samuels 33 Contributions to the History of Economic Thought 24 Evolution of Austrian Essays in honour of Economics RDC Black From Menger to Lachmann Edited by Antoin E. Murphy and Sandye Gloria Renee Prendergast 34 Towards an Unknown Marx 42 Piero Sraffa’s Political Economy A commentary on the A centenary estimate manuscripts of 1861–63 Edited by Terenzio Cozzi and Enrique Dussel Roberto Marchionatti 35 Economics and 43 The Contribution of Joseph Interdisciplinary Exchange Schumpeter to Economics Edited by Guido Erreygers Economic development and institutional change 36 Economics as the Art of Richard Arena and Cecile Dangel Thought Essays in memory of 44 On the Development of G L S Shackle Long-run Neo-Classical Theory Edited by Stephen F. Frowen Tom Kompas and Peter Earl 45 F.A. Hayek as a Political 37 The Decline of Ricardian Economist Economics Economic analysis and values Politics and economics in Post- Edited by Jack Birner, Pierre Ricardian theory Garrouste, and Thierry Aimar Susan Pashkoff 46 Pareto, Economics and 38 Piero Sraffa Society His life, thought and cultural The mechanical analogy heritage Michael McLure Alessandro Roncaglia 47 The Cambridge Controversies 39 Equilibrium and in Capital Theory Disequilibrium in Economic A study in the logic of theory Theory development The Marshall–Walras divide Jack Birner Michel de Vroey 48 Economics Broadly 40 The German Historical School Considered The historical and ethical Essays in honor of Warren approach to economics J Samuels Edited by Yuichi Shionoya Edited by Steven G. Medema, Jeff Biddle, and John B. Davis 41 Reflections on the Classical Canon in Economics 49 Physicians and Political Essays in honor of Samuel Economy Hollander Six studies of the work of Edited by Sandra Peart and doctor-economists Evelyn Forget Edited by Peter Groenewegen 50 The Spread of Political 57 Classics and Moderns in Economy and the Economics Volume I Professionalisation of Essays on nineteenth and Economists twentieth century economic Economic societies in Europe, thought America and Japan in the Peter Groenewegen nineteenth century Massimo Augello and 58 Classics and Moderns in Marco Guidi Economics Volume II Essays on nineteenth and 51 Historians of Economics and twentieth century economic Economic Thought thought The construction of disciplinary Peter Groenewegen memory Steven G. Medema and 59 Marshall’s Evolutionary Warren J. Samuels Economics Tiziano Raffaelli 52 Competing Economic Theories Essays in memory of 60 Money, Time and Rationality Giovanni Caravale in Max Weber Sergio Nisticò and Austrian connections Domenico Tosato Stephen D. Parsons 53 Economic Thought and Policy 61 Classical Macroeconomics in Less Developed Europe Some modern variations and The 19th century distortions Edited by Michalis Psalidopoulos James C. W. Ahiakpor and Maria-Eugenia Almedia Mata 62 The Historical School of 54 Family Fictions and Family Economics in England and Facts Japan Harriet Martineau, Adolphe Tamotsu Nishizawa Quetelet and the population question in England 1798–1859 63 Classical Economics and Brian Cooper Modern Theory Studies in long-period analysis 55 Eighteeth-Century Economics Heinz D. Kurz and Peter Groenewegen Neri Salvadori 56 The Rise of Political 64 A Bibliography of Female Economy in the Scottish Economic Thought Enlightenment to 1940 Edited by Tatsuya Sakamoto and Kirsten K. Madden, Janet A. Sietz, Hideo Tanaka and Michele Pujol 65 Economics, Economists and 72 Jean-Baptiste Say and the Expectations Classical Canon in Economics From microfoundations to The British connection in macroeconomics French classicism Warren Young, Robert Leeson, Samuel Hollander and William Darity Jr 73 Knut Wicksell on Poverty 66 The Political Economy of Public No place is too exalted Finance in Britain, 1767–1873 Knut Wicksell Takuo Dome 74 Economists in Cambridge 67 Essays in the History of A study through their Economics correspondence 1907–1946 Warren J. Samuels, Willie Edited by M. C. Marcuzzo and Henderson, Kirk D. Johnson, and A. Rosselli Marianne Johnson 75 The Experiment in the History 68 History and Political Economy of Economics Essays in Honour of Edited by Philippe Fontaine and P. D. Groenewegen Robert Leonard Edited by Tony Aspromourgos and John Lodewijks 76 At the Origins of Mathematical Economics 69 The Tradition of Free Trade The economics of A.N. Isnard Lars Magnusson (1748–1803) Richard van den Berg 70 Evolution of the Market Process Austrian and Swedish economics 77 Money and Exchange Edited by Michel Bellet, Sandye Folktales and reality Gloria-Palermo, and Abdallah Sasan Fayazmanesh Zouache 71 Consumption as an Investment The fear of goods from Hesiod to Adam Smith Cosimo Perrotta Money and Exchange Folktales and reality Sasan Fayazmanesh I~ ~~o~;~;n~~;up LONDON AND NEW YORK First published 2006 by Routledge Published 2017 by Routledge 2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN 711 Third Avenue, New York, NY 10017, USA Routledge is an imprint of the Taylor & Francis Group, an informa business Copyright © 2006 Sasan Fayazmanesh Typeset in Times New Roman by Newgen Imaging Systems (P) Ltd, Chennai, India The Open Access version of this book, available at www.tandfebooks.com, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives

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