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The history of money is the development over time of systems for the exchange of goods and services. Money is a means of fulfilling these functions indirectly and in general rather than directly, as with barter. Money may take a physical form as in coins and notes, or may exist as a written or electronic account.
The quantity theory of money (often abbreviated QTM) is a hypothesis within monetary economics which states that the general price level of goods and services is directly proportional to the amount of money in circulation (i.e., the money supply), and that the causality runs from money to prices. This implies that the theory potentially ...
Orrell is considered a leading proponent of quantum finance and quantum economics. [5] In The Evolution of Money [6] (coauthored with journalist Roman Chlupatý) and a series of articles [7] [8] [9] he proposed a quantum theory of money and value, which states that money has dualistic properties because it combines the properties of an owned and valued thing, with those of abstract number.
The IS/LM model focused on interest rates as the "monetary transmission mechanism," the channel through which money supply affects real variables like aggregate demand and employment. A decrease in money supply would lead to higher interest rates, which reduce investment and thereby lower output throughout the economy. [52]
Legal tender, or narrow money (M0) is the cash created by a Central Bank by minting coins and printing banknotes. Bank money, or broad money (M1/M2) is the money created by private banks through the recording of loans as deposits of borrowing clients, with partial support indicated by the cash ratio. Currently, bank money is created as ...
Modern monetary theory or modern money theory (MMT) is a heterodox [1] ... while circuit theory is a model of the "horizontal" (private-to-private) interactions. ...
The Ascent of Money: A Financial History of the World is a 2008 book by then-Harvard professor Niall Ferguson, [1] and an adapted television documentary for Channel 4 (UK) and PBS (US), [2] which in 2009 won an International Emmy Award. It examines the long history of money, credit, and banking.
Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions ( as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good. [1]