Money is the answer!

“ Money ” is the Reserves not the Money ∗

In this paper I will argue that the institutional implementations that we commonly include in our monetary aggregates are actually more similar to the concept of monetary base. I will also argue that the institutional implementation of accounts payable operates as money. This slightly translated definition implies that a new monetary aggregate that includes accounts payable may be useful for co...

Education can boost economic growth — but simply spending more money is seldom the answer

education matters. Governments everywhere in the world have assumed a substantial role in educating their citizens, and “providing education for all” is a central pillar of the Millennium Development Goals. A variety of motivations lead societies to provide strong support for schooling. Some are purely economic, while others are driven by ideas of using education to improve political participat...

Money Is Privacy

An extensive literature in monetary theory has emphasized the role of money as a recordkeeping device. Money assumes this role in situations where using credit would be too costly, and some might argue that this role will diminish as the cost of information, and thus the cost of credit-based transactions, continues to fall. In this paper we investigate another use for money: the provision of pr...

What is Money?

Concerns with attempts by neuroeconomics to answer the philosophical question “Is it rational to donate money for charity?”

Altruism involves acting toward the welfare of others by incurring costs to the self (Batson and Shaw, 1991). The theoretical question is: Why would people help others who are unrelated genetically? This was considered a “large anomaly” from rationality by neo-classical economics (Fehr and Fischbacher, 2003) as humans are assumed to be maximizers of decision utility—a purely selfish “homoeconom...