{"title":"A Quantum Theory of Money and Value","authors":"D. Orrell","doi":"10.2139/SSRN.2624371","DOIUrl":null,"url":null,"abstract":"The answer to the question 'what is money?' has changed throughout history. During the Gold Standard era, money was seen as gold or silver (the theory known as bullionism). In the early 20th century, the alternative theory known as chartalism proposed that money was a token chosen by the state for payment of taxes. Today, many economists take an agnostic line, and argue that money is best defined in terms of its function, e.g. as a neutral medium of exchange. This paper argues that none of these approaches adequately describes the nature of money, and proposes a new theory, inspired by non-Newtonian physics, which takes into account the dualistic real/virtual properties and complex nature of money. The theory is applied to the example of the emergence of cybercurrencies.","PeriodicalId":37525,"journal":{"name":"Economic Thought","volume":"5 7","pages":"19-28"},"PeriodicalIF":0.0000,"publicationDate":"2015-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"16","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Thought","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/SSRN.2624371","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"Economics, Econometrics and Finance","Score":null,"Total":0}
引用次数: 16
Abstract
The answer to the question 'what is money?' has changed throughout history. During the Gold Standard era, money was seen as gold or silver (the theory known as bullionism). In the early 20th century, the alternative theory known as chartalism proposed that money was a token chosen by the state for payment of taxes. Today, many economists take an agnostic line, and argue that money is best defined in terms of its function, e.g. as a neutral medium of exchange. This paper argues that none of these approaches adequately describes the nature of money, and proposes a new theory, inspired by non-Newtonian physics, which takes into account the dualistic real/virtual properties and complex nature of money. The theory is applied to the example of the emergence of cybercurrencies.
Economic ThoughtEconomics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)
CiteScore
0.40
自引率
0.00%
发文量
5
审稿时长
26 weeks
期刊介绍：
In line with the objectives of the World Economics Association, the journal seeks to support and advance interdisciplinary research that investigates the potential links between economics and other disciplines, as well as contributions that challenge the divide between normative and positive approaches. Contributions from outside the mainstream debates in the history and philosophy of economics are also encouraged. In particular, the journal seeks to promote research that draws on a broad range of cultural and intellectual traditions. Economic Thought accepts article submissions from scholars working in -history of economic thought -economic history -methodology of economics -philosophy of economics We welcome articles addressing any aspects of these fields with an emphasis on original and path-breaking research.
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