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Critics of traditional Marxian economics, especially those associated with the Neue Marx-Lektüre (New Readings of Marx) such as Michael Heinrich, emphasize a monetary theory of value, where "Money is the necessary form of appearance of value (and of capital) in the sense that prices constitute the only form of appearance of the value of ...
For example, if a person has a false belief that money makes them happy, it is questionable whether the satisfaction of their desire for money is a source of value. To address this consideration, some desire theorists say that a desire can only provide value if a fully informed and rational person would have it.
Many items have been used as commodity money such as naturally scarce precious metals, conch shells, barley, beads, etc., as well as many other things that are thought of as having value. Commodity money value comes from the commodity out of which it is made. The commodity itself constitutes the money, and the money is the commodity. [32]
So, the "money form of value" is not the same as a "price", in the first instance because the money form of value refers to an indeterminate variety of N commodities that are all equivalents for a given quantity of money. If we want to know "the price of fish", we need specific information about the kind of fish which are currently on offer.
The 19th-century economist William Stanley Jevons, influential in the study of money, considered it to be one of four fundamental functions of money, the other three being medium of exchange, store of value, and unit of account. However, most modern textbooks now list only the other three functions, considering standard of deferred payment to ...
In monetary economics, the demand for money is the desired holding of financial assets in the form of money: that is, cash or bank deposits rather than investments.It can refer to the demand for money narrowly defined as M1 (directly spendable holdings), or for money in the broader sense of M2 or M3.
Japanese commodity money before the 8th century AD: arrowheads, rice grains and gold powder. This is the earliest form of Japanese currency. Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves (intrinsic value) as well as their value in buying ...
Token money, or token, is a form of money that has a lesser intrinsic value compared to its face value. [1] [2] Token money is anything that is accepted as money, not due to its intrinsic value but instead because of custom or legal enactment. [3] Token money costs less to produce than its face value. [3]