The Value of Money celebrates the power of using monetary objects to explore history. This richly illustrated book features over 175 objects from the Smithsonian National Museum of American History’s National Numismatic Collection. With objects from every inhabited continent, spanning more than 2,600 years, this book showcases the National Numismatic Collection’s unique strengths, including the geographic and chronological diversity of the collection and the stunning rarities it contains. The companion volume to a major exhibition of the same name, this book examines the origins of money, new monetary technologies, the political and cultural messages money conveys, numismatic art and design, and the practice of collecting money. The Value of Money connects American history to global histories of exchange, cultural interaction and expression, political change, and innovation.
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 Léon 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.
What is money and how does it acquire its value? How do we assign a measurable monetary value to human goods that do not seem quantifiable? What role does money play in the structure of society? Is money an illusion or is it real? Despite the enormous impact of money on the structure of human society, as well as its effect on our daily decision-making, surprisingly little philosophical work has been done on money to date. This book examines the metaphysical foundations of money as well as the power structures that characterize the world of finance, connecting the ontology of money to considerations about inequality and other real-life issues. By throwing light on the metaphysical structure of money and financial value, Eyja M. Brynjarsdóttir seeks to further the philosophical discussion of money and contribute to a broader critique of the monetary system.
Offers an ethical examination of global finance which is both theologically and economically literate. This book also examines the effect of money on our understanding of freedom, of the market itself and of the ethical, issues arising from this, for individuals, the sector and for society as a whole.
Emphasis is given to the Slutsky Matrix and its associated income and substitution effects, since this is the only existing analytical tool designed to solve the question. This device is shown to be grossly erroneous. I did prove (Casaca, 2020) that the solution present in manuals and taught in economics courses is erroneous. I confirmed the original neo-classic founding father's perception that the problem lies in our inability to keep track of the changing value of money. Other than proving how wrong or useless the elucidations found afterwards are, I could not however find a solution to the problem. That is, I could not prove whether it is possible to track the changing value of money and, if it is, how to achieve this in a meaningful way - or, conversely, to prove the problem has no viable solution.Knowledge on the variation of the value of money is necessary for all the procedures that rely on the separation between 'real' and 'nominal' values - that is, virtually all economic accounting systems. This means that the most revered indicators of economic activity such as 'inflation' or 'economic growth' (GDP variation) are built on erroneous premises and lack any real and objective basis. Simply speaking, this means that the building structure of modern economics is dependent on the possibility of knowing the value of money, or at the very least the patterns of variation of the value of money. The fact that neither goals were attained saps the related scientific basis. This work will end with a discussion of possible venues for a scientific approach to the science of money, side by side with the science of markets.
This book addresses the controversial issue of whether a competitive monetary economy has built-in price adjustment mechanisms strong enough to remove excess demands and supplies on all markets.
Comprehensive coverage of the time value of money In this book, authors Pamela Peterson Drake and Frank Fabozzi fully expand upon the type of time value of money (TVM) concepts usually presented as part of overviews given in other general finance books. Various TVM concepts and theories are discussed, with the authors offering many examples throughout each chapter that serve to reinforce the tools and techniques covered. Problems and detailed solutions-demonstrated using two different financial calculators, as well as Excel-are also provided at the end of each chapter, while glossary terms are provided in an appendix to familiarize you with basic terms. Provides the basic foundations of the time value of money Covers issues ranging from an introduction of financial mathematics to calculating present/future values and understanding loan amortization Contains problem/solution sets throughout, so you can test your knowledge of the topics discussed Understanding the time value of money is essential, and this reliable resource will help you gain a firm grasp of its many aspects and its real-world applications.
The cultural historian and author of Keep Watching analyses American ideas about race, money, identity, and their surprising connections through history. From colonial history to the present, Americans have passionately, even violently, debated the nature and of money. Is it a symbol of the value of human work and creativity, or a symbol of some natural, intrinsic value? In Face Value, Michael O’Malley provides a penetrating historical analysis of American thinking about money and the ways that this ambivalence intertwines with race. Like race, money is bound up in questions of identity and worth, each a kind of shorthand for the different values of two similar things. O’Malley illuminates how these two socially constructed hierarchies are deeply rooted in American anxieties about authenticity and difference. In this compelling work of cultural history, O’Malley interprets a wide array of historical sources to evaluate competing ideas about monetary value and social distinctions. More than just a history, Face Value offers a new way of thinking about the present culture of coded racism, gold fetishism, and economic uncertainty. “This is a ‘big idea’ book that no one but Michael O’Malley could even have thought of—much less pulled off with such nuance and clarity.”—Scott A. Sandage, author of Born Losers
"A vital, seminal breakthrough work... Kinder penetrates money's enigmas and mythologies with the artist's delicate touch, the critic's discriminating eye . . . and the insightful sensitivity of a good human being. This book is a gift." --Richard Wagner, former chairman, Institute of Certified Financial Planners Replace anxiety, self-sabotage, and self-doubt around money with the sense of ease and freedom you deserve in The Seven Stages of Money Maturity, a one-of-a-kind guide in the life-changing tradition of The 9 Steps to Financial Freedom and Your Money or Your Life. A renowned Buddhist teacher as well as a Harvard-trained, nationally prominent certified financial planner, George Kinder draws on both disciplines to guide us toward a full understanding of the spiritual and psychological issues that surround money. Although many of us may assume that issues of money and spirit are separate, incompatible questions, George Kinder shows us that we must explore them together to attain true peace, freedom, and security in our money lives. Tracing the same path to transformation on which he has led his clients and lectured audiences for years, Kinder leads us through the Seven Steps of a journey to the profound liberation of awakening to a world of abundance and possibility. Revealing practical, market-tested wealth-building skills as well as the wisdom that contributes to understanding and enriching the role money plays across our lives from the surface to the soul, Kinder teaches us how to: Understand feelings that impact taking financial action Develop understanding and knowledge about money Eliminate stress and anxiety around money Let go of old patterns and painful habits Approach money tasks with energy and optimism Design a money life that is fulfilling both financially and spiritually A powerful new way to look at your money and at your life, The Seven Stages of Money Maturity will help us experience each encounter with money as a step toward awakening and a powerful lesson in understanding the relationships we share with others and with ourselves.
