The Value of Money

by Prabhat Patnaik

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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"...Read more
  • ISBN10 0231146760
  • ISBN13 9780231146760
  • Publish Date 2 April 2009
  • Publish Status Active
  • Publish Country US
  • Imprint Columbia University Press
  • Format Hardcover
  • Pages 280
  • Language English