By Leonidas Zelmanovitz
The primary thesis of the booklet is that during order to judge financial coverage, one must have a transparent proposal in regards to the features and features of cash because it developed and in its present shape. that's to claim that with out an realizing approximately how funds developed as a social establishment, what it's at the present time, and what's attainable to grasp approximately financial phenomena, it's not attainable to advance a significant ethics for cash; or, to place it another way, to discover what sort of institutional preparations should be deemed solid cash for the type of society we're in. And with no that, one faces critical barriers in supplying a normative place approximately financial coverage.
The venture is, accordingly, an interdisciplinary one. Its major thread is an inquiry of ethical philosophy and its foundations, as utilized to cash, as a way to create instruments to judge public coverage in regard to cash, banking, and public finance; and the perspectives of other colleges on these themes are mentioned. The ebook is geared up in elements on metaphysics, epistemology, ethics and politics of cash to facilitate the presentation of all of the matters mentioned to an informed readership (and now not inevitably only one with a historical past in economics).
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Extra resources for The Ontology and Function of Money: The Philosophical Fundamentals of Monetary Institutions
He frequently exchanges them for cattle or for venison with his companions; and he finds at last that he can in this manner get more cattle and venison, than if he himself went to the field to catch them. From a regard to this own interest, therefore, the making of bows and arrows grows to be his chief business, and he becomes a sort of armourer. In sum, they were coordinated spontaneously. There are some emotional responses among human beings that repeatedly generate some patterns of behavior under similar conditions.
5. Common measure of values (standard of value or unit of account); Medium of Exchange; Legal tender for debts; Standard of deferred payments; Reserve for credit instruments, including reserve for government paper money; 6. Store of value; 7. Bearer of options. As discussed earlier, the crucial function of a unit of account was historically only fulfilled with the introduction of a medium of exchange; the third function seems to be part of the second, the fourth part of the first, and the fifth and seventh part of the sixth.
One may assume that the state is interested in the division of labor, but the immediate interest of the state is its fiscal considerations and other political goals that it may have. A corollary of this understanding about what money is is that the ideal attributes of money are not the same ones if you accept that the main purpose of money is to allow and enhance the division of labor; these become factors of secondary significance. The primary factors to consider are attributes that one can find in money to make it a more effective tool for achieving government’s policies.