{"product_id":"theory-of-money-general-study-of-money-hardcover","title":"Theory of Money: General Study of Money - Hardcover","description":"\u003cp\u003eby \u003cb\u003eFriedrich Von Wieser\u003c\/b\u003e (Author), \u003cb\u003eHans Dg Hyun\u003c\/b\u003e (Translator), \u003cb\u003eHans Dg Hyun\u003c\/b\u003e (Notes by)\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eThe first English translation of Friedrich von Wieser's \u003cstrong\u003econcluding work in economics, \u003c\/strong\u003e unifying his socio-historical investigation into the nature of 'power' and 'monetary theory, ' \u003cstrong\u003ecomplementing Knapp and Max Weber\u003c\/strong\u003e.\u003c\/p\u003e\u003cp\u003e\u003cbr\u003e\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eAn unexpected encounter\u003c\/strong\u003e - a key figure in the \u003cstrong\u003eGreat Triumvirate that founded the Austrian School of Economics\u003c\/strong\u003e incorporates \u003cstrong\u003eKeynesian\u003c\/strong\u003e elements into his theory of money. His works \"exhibit some of the major features of Keynes's analysis in 'A Treatise on Money, ' namely the existence of an endogenous money supply, the dominant role of the banking system in the process of money creation, the distinction between the circulation of national income and of capital, and the role of individual and social beliefs in explaining the levels of economic variables\" (Richard Arena \u0026amp; Neri Salvadori).\u003c\/p\u003e\u003cp\u003e\u003cbr\u003e\u003c\/p\u003e\u003cp\u003eSimilar to Georg Simmel's perspective, Wieser argues that as money gains universal recognition and acceptance as a general equivalent due to the '\u003cstrong\u003emass habit of acceptance\u003c\/strong\u003e, ' it transforms into a '\u003cstrong\u003esocial power\u003c\/strong\u003e' that binds people. The power it holds evolves, becoming stronger than the initial power of the 'wise individual' who introduced it or the public imitating him. Therefore, in this sense, the ultimate form of money is not merely the outcome of the efforts of those who initially brought it into existence. \u003cstrong\u003eMoney is a historical-societal formation, wielding supremacy over people and intricately intertwined with power relationships\u003c\/strong\u003e. It serves as \u003cstrong\u003ea means of transfer payment, facilitating the transfer of 'market-rulership.'\u003c\/strong\u003e\u003c\/p\u003e\u003cp\u003e \u003c\/p\u003e\u003cp\u003e\"Why is Wieser neglected in the Austrian Revival? Perhaps because economic theorists and policy makers in many countries have again become very interested in the possibilities of the \u003cstrong\u003emarket\u003c\/strong\u003e and in the applicability of the \u003cstrong\u003equantity theory of money\u003c\/strong\u003e - whereas \u003cstrong\u003eWieser was critical of both\u003c\/strong\u003e. Or perhaps because Wieser advocated an alliance of economics and sociology (...) Wieser's work displays at least two distinguishing features: (1) his endeavour to demonstrate economic theory as a coherent whole: he wanted to be a \"hedgehog\", not a \"fox\"; (2) his endeavour to demonstrate there is no coherence - in the sense of \"harmony\" - in capitalism (M.H.J. Dullaart).\u003c\/p\u003e\u003cp\u003e\u003cbr\u003e\u003c\/p\u003e\u003cp\u003e\"Wieser bridged the ideas of Menger and \u003cstrong\u003eVeblen\u003c\/strong\u003e\" (Robert B. Jr. Ekelund).\u003c\/p\u003e\u003cp\u003e\u003cbr\u003e\u003c\/p\u003e\u003cp\u003e\"Wieser is to be compared with \u003cstrong\u003ePareto, Schumpeter, Weber, Werner Sombart, \u003c\/strong\u003e and, more recently, \u003cstrong\u003eJohn Kenneth Galbraith\u003c\/strong\u003e.\" (Warren Samuels).\u003c\/p\u003e\u003cdiv\u003e\n\u003cstrong\u003eNumber of Pages:\u003c\/strong\u003e 162\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e 0.5 x 9 x 6 IN\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003ePublication Date:\u003c\/strong\u003e November 15, 2023\u003c\/div\u003e","brand":"Books by splitShops","offers":[{"title":"Default Title","offer_id":51780721180960,"sku":"9798868994852","price":64.8,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0974\/9764\/5344\/files\/4004a0bdcc5eca2007e1e53b7a5713cb.webp?v=1780535348","url":"https:\/\/ebocreations.com\/products\/theory-of-money-general-study-of-money-hardcover","provider":"The E-Book Oasis LLC","version":"1.0","type":"link"}