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We live in a monetary economy, so it is not surprising that money plays an important role within economic theory. The argument of this book is that this role has become too important, and has warped our ability to think about the economy. The important psychological role of money within society has been transferred to monetary aggregates, and they are given far more significance than they deserve. Economists have wasted considerable time discussing reforms to the monetary system, such as Quantitative Easing, Positive Money, and Helicopter Money. We need to instead focus our attention on non-monetary reforms.
This book consists of 22 essays that discuss the role of money within economic theory, and the controversies raised by debates about the role of money. The tone is informal, as the theoretical debates are translated into plain language.
Book DescriptionThe book is longer than my previous reports; roughly 43,000 words, with about 30 charts and figures. (I will add a page count once I finish laying out the paperback edition.)
The style of this book is different; it is a collection of short articles, a number of which previously were published in draft form online. (Even the articles that were previously published have generally been heavily modified.) The writing style is similar to my online articles, although I aimed to reduce the complexity of the writing.
My feeling is a bibliography is not well-suited to ebooks, and so I have moved references to footnotes (endnotes).
- 978-0-9947480-7-2 Epub Edition
- 978-0-9947480-6-5 Kindle Edition
- 978-0-9947480-8-9 Paperback Edition
Book SectionsPart I Money and Its Discontents
2 Abolish Money (From Economics)!
Part II Primers
3 Banks and Money
4 Primer: Monetary Aggregates
5 Primer: Money Neutrality and Velocity
6 Primer: Quantitative Easing
Part III Monetary Controversies
7 Instability of Money Velocity
8 Should We Care About Money Supply Growth?
9 Seriously, Money Is Not a Zero-Coupon Perpetual
10 Primer: Endogenous Versus Exogenous Money
11 The Incoherence of Money Neutrality
12 Would Eliminating Money From Monetarism Have Stopped It From Jumping the Shark?
13 No, Banks Do Not Lend Reserves
14 Money as Debt
15 Positive Money
16 Central Banks as Pawnbrokers
17 Coming to Grips with “Helicopter Money”
18 Money has nothing to do with Overt Monetary Financing
19 The Political Problems with Helicopter Money
20 Should We Care About the Origins of Money?
21 Abolishing Currency in the Real World Is Just Plain Nuts
Part IV: Looking Forward
22 Financial Assets Matter, Not Money
23 Money in SFC Models
(c) Brian Romanchuk 2017