Prabhat Patnaik, "The Value of Money"
English | 2009 | ISBN: 0231146760, 0231519214 | 280 pages | PDF | 16,4 MB
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.