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The Theory of Money and Credit is a 1912 economics book written by Ludwig von Mises, originally published in German as Theorie des Geldes und der Umlaufsmittel. In it Mises expounds on his theory of the origins of money through his regression theorem , which is based on logical argumentation.
Credit theories of money, also called debt theories of money, are monetary economic theories concerning the relationship between credit and money. Proponents of these theories, such as Alfred Mitchell-Innes , sometimes emphasize that money and credit/ debt are the same thing, seen from different points of view. [ 1 ]
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Theories of endogenous money date to the 19th century, with the work of Knut Wicksell, [1] and later Joseph Schumpeter. [2] Early versions of this theory appear in Adam Smith's 1776 book The Wealth of Nations. [3] With the existence of credit money, Wicksell argued, two interest rates prevail: the "natural" rate and the "money" rate. The ...
In monetary economics, inside money is money issued by private intermediaries (i.e., commercial banks) in the form of debt . [1] This money is typically in the form of demand deposits or other deposits and hence is part of the money supply. The money, which is an asset of the depositor but coincides with a liability of the bank, is inside money ...
The theorem claims that at a point in time there was a good with intersubjective exchange value based on the value of it as a commodity (i.e. silver, gold, etc.), which led to the good's capacity in given circumstances to procure a specific quantity of other goods as an equivalent in exchange and is derived from the human process of valuing ...
Money illusion can also influence people's perceptions of outcomes. Experiments have shown that people generally perceive an approximate 2% cut in nominal income with no change in monetary value as unfair, but see a 2% rise in nominal income where there is 4% inflation as fair, despite them being almost rational equivalents.
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