This study is concerned with the time-honored problem of the change that is induced when money enters into the economy. As far back as Aristotle (Politics, pp. 1135-1143) the still-unanswered question regarding the dichotomy of the real-exchange and the monetary economy was raised. He contrasted Oeconomic, where people strive to obtain real utilities (household management), to Chrematistic, where they use money to make more money (art of wealth-acquisition): The true wealth consists of such values in use; for the quantity of possession of this kind, capable of making life pleasant, is not unlimited. There is, however, a second mode of acquiring things, to which we may by preference and with correctness give the name of Chrematistic, and in this case there appear to be no limits to riches and pos sessions. Trade does not in its nature belong to Chrematistic, for here the exchange has reference only to what is necessary to themselves. ( . . . ) In the case of Chrematistic, circulation is the source of riches. And it appears to revolve about money, for money is the beginning and end of this kind of exchange. Therefore also riches, such as Chre matistic strives for, are unlimited. ( . . . ) Oeconomic, not Chrematistic, has a limit ( . . . ;) the object of the former is something different from money, of the latter the augmenta tion of money ( . . .
1 Second-Best Capitalism.- 1 The Actual Standard of Welfare in Capitalism.- 1.1 Freedom, Responsibility and Efficiency.- 1.2 Suboptimal Results.- 1.3 Returns on Mere Capital.- 1.4 Returns from High to Low Level of Marginal Utility.- 1.5 The Standard of Marginal Efficiency of Capital.- 1.6 Escaping Habitual Modes of Thought.- 2 Symptoms of Suboptimal Capitalism.- 2.1 Misallocations.- 2.2 Disparities of Wealth.- 2.3 Unemployment.- 2.4 Equilibrium Problems.- 2.5 Financial Hydrocephaly.- 3 The Significance of Money.- 3.1 Money, a Prerequisite for a Modern Economy.- 3.2 Money as an Unfair Competitor.- 3.3 The Significance of the Money-Rate of Interest.- 2 Money's Costs and Benefits.- 4 The Transaction Cost Approach.- 4.1 Economizing Economic Communication through Money.- 4.2 Acquisition Cost of Issued Money.- 4.3 Transaction Needs and Demand for Money.- 4.4 Money Interest as Transaction Cost.- 4.5 Similar Approaches and Adjacent Problems.- 5 The Concept of Interest-Bearing Money.- 5.1 Equalization of Cash Holder's Opportunity Cost.- 5.2 The Real Equalization Problem.- 5.3 Real Costs and Opportunity Costs of Money.- 5.4 Doubling of Liquidity-Premium.- 6 The Equalization of Money's Cost and Benefit.- 6.1 Cost of Initial Acquisition of Money.- 6.2 A Paradigmatic Equalization of Money's Cost and Benefit.- 6.3 Separating Money's Costs from its Benefits.- 6.4 Generalizing the Paradigm of Equalization.- 6.5 Low Production Cost and High Liquidity-Premium.- 6.6 Storage Costs of Money and Storage Costs of Commodities.- 6.7 Uncertainty and the Equalization Problem.- 3 The Production and Destruction of Monetary Liquidity.- 7 Production Costs and Benefits of Monetary Liquidity.- 7.1 Issue of Money and Production of Liquidity.- 7.2 The Equalization Problem Restated.- 7.3 Symmetric Contributions to and Benefits from the Production of Liquidity.- 7.4 Asymmetric Contributions to and Benefits from the Production of Liquidity.- 8 Rewarding the Marplot in the Game of the Monetarized Economy.- 8.1 Cash Holders' Liquidity-Premium.- 8.2 Reciprocity and the Double Coincidence of Timing in the Economic Game.- 8.3 Rewards for Sabotaging the Game.- 8.4 The Self-Destructive Structure of the Game.- 8.5 Dictating the Rules of the Game.- 8.6 The Capitalistic Delusion.- 9 Private Destruction and Reissue of Money.- 9.1 Private Quasi-Issue of Money.- 9.2 The Private Money Issue-Premium as a Monetary Prebend.- 9.3 Cash as a Buffer and an Operating Basis.- 9.4 Shifting Time Preferences.- 9.5 Monetary Transaction Constraints.- 9.6 Credit Budget Restrictions.- 4 Optimal Monetary Liquidity.- 10 Neutral Money.- 10.1 Historical Remarks.- 10.2 From Biased to Neutral Money.- 10.3 Prospects for the Performance of Neutral Money.- 10.4 Savings and Investments.- 10.5 Money as the Joker in the Economic Game.- 10.6 Money Acquisition Cost of Sellers.- 10.7 Cost-Bearing Money vs. Inflation.- 10.8 Illustrations.- 11 Predecessors.- 11.1 John Maynard Keynes.- 11.2 Silvio Gesell.- 11.3 Irving Fisher.- 11.4 Maurice Allais.- 11.5 Other "Monetary Heretics".- 12 The Monetary Welfare Optimum.- 12.1 Equal Marginal Utility of Assets.- 12.2 Equal Marginal Cost and Benefit.- 12.3 Reinternalization of Money's Externalities.- 12.4 Real vs. Nominal Marginal Efficiency of Capital.- 12.5 Ecological Aspects of Neutral Money.- 5 Establishing Neutral Money.- 13 Cost-Bearing Money: An Historical Retrospective.- 13.1 The Grain Giro System in Ancient Egypt.- 13.2 The Medieval Bracteaten Currency.- 13.3 Free-Money Projects in the Thirties.- 13.4 "The Stamp Scrip Movement in the U.S.A." by Hans R. L. Cohrssen.- 14 The Realization of Neutral Money.- 14.1 General Aspects.- 14.2 The Next Step in Monetary Evolution.- 14.3 Neutral Money as a Financial Innovation.- References.
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