Abstract
This contribution contrasts orthodox mainstream economics teachings to heterodox theories against the backdrop of history of economic thought. It focusses on three myths upheld and therefore reinforced in and by orthodox economics textbooks: money is the invention of private market agents; money is created exogenously by central banks; money is neutral in the long run. The aim is to not only give an (non-exhaustive) insight into the existing theoretical pluralism, but to also argue that theoretical strands largely left out in common economics curricula are at times more adherent to reality in their reading of money.
I would like to thank the following for their helpful comments and support: three anonymous reviewers, the editorial board, in particular Esther Schmitt and Lea Allers, as well as Hannes Böhm, Christopher R.M.B. Laumanns, Peter Schmidt, Christian Axtmann, Kerstin Hötte, Kevin M. Schütze and Ferdinand Wenzlaff.
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- 1.
‘Orthodox’ theory is here understood as an umbrella term for economics as represented by modern mainstream textbook economics with a neoclassical approach. The neoclassical school of thought is characterised by methodological and instrumental individualism, and methodological equilibration (cf. Arnsperger and Varoufakis 2006). Orthodox monetary theories represented in economics textbooks are: money as means to save transactions costs invented in private markets, the money multiplier, the IS-LM model and the New Monetary Consensus (Nersisyan and Wray 2016, pp. 1297–1298). Vice versa heterodox theories are those theories deviant from the orthodox representation of the economy.
- 2.
„Da alle andren Waren nur besondre Äquivalente des Geldes, das Geld ihr allgemeines Äquivalent, verhalten sie sich als besondre Waren zum Geld als der allgemeinen Ware“ (Marx 1983 [1894], p. 104). However, Marx did not think of money as commodity money only but also extensively elaborates money as unit of account and means to store value (Neuberger 2018, pp. 6–8). The latter is of particular importance in the form of hoarding, which is a precursory concept of Keynes ‘liquidity preference’ (Lapavitsas 2000, p. 219; for a definition cf. Pettifor 2017, p. 55).
- 3.
This is a view also shared by the Circuitists. Money only comes into existence, when a payment is made. Hereby the payer becomes a debtor and the payee a creditor to the bank (Graziani 1989, pp. 10–11). Even central bank money can be considered debt, i.e. an IOU of the central bank to economic agents, whilst deposits are IOUs of private banks to deposit holders (McLeay et al. 2014, p. 15; Fontana and Sawyer 2016, p. 1337). Gurley and Shaw (1960) use the distinction between inside (checking deposits, i.e. a debt relation) and outside money (gold, government bonds and fiat money, i.e. money that is not backed by any debt relation) as their analytical starting point, which is especially relevant for the all-money-is-debt-debate touching on claims put forward in MMT (Blaug 1985, pp. 666–667; cf. also Eisler 1933, p. xxi). On the impossibility of debt-free money, cf. Pettifor (2017, p. 111).
- 4.
Money’s hierarchy is even reflected in orthodox economic textbooks in the taxonomy of different definitions of money in the form of M0 (cash), M1 (central bank money + deposits) etc.
- 5.
Whilst the public uses cash and bank deposits to settle debts, in the interbanking sector, private banks use electronic central bank money as means of payment (Wray 2014, p. 20).
- 6.
The crowding-out hypothesis is a notion that, among others, underlies the current Europe-wide austerity prescription. It is based on the assumption that state expenditure increases interest rates for the private sector. Here, the state as the most credit-worthy creditor gets served first to most favourable conditions in the distribution of a limited (by the amount of prior accumulated savings) pool of loans. Hence, governmental borrowing drives up interest rates for private investors and is therefore detrimental to private investment (Constantine 2014, pp. 14–15). Therefore, government spending is said to suppress private investment (crowds it out, respectively) and leads to economic downturn.
- 7.
Examples are the Lindentaler circulating in the German city of Leipzig, the Bavarian Chiemgauer and the Bristol Pound, which can even be used to pay local taxes in Bristol (Sunderland 2014). But even before the financial crisis, there were private complementary currencies such as the Swiss WIR Franc and the Freigeld used in the Austrian town of Wörgl in the 1930ies. Critiques interpret the success of the ‘Miracle of Wörgl’ as the result of public working programmes deployed on the local level and paid for using Freigeld (Eisler 1933, p. 239).
- 8.
The Circuit Theory is a school of thought in the tradition of Keynes, Michał Kalecki and Marxism (Graziani 1989, p. 11). It describes a monetary curcuit as follows: A corporation’s demand for money for investment marks the beginning. In a second step, the firm and the bank negotiate the amount of credit and the interest charged. After the firm decides on the level of production, number of people hired etc. (Graziani 1989, p. 11). When in the next step of the circuit production is commenced and goods are sold, the loan is paid back, money is destroyed and the circuit completed. Once credit for a new production cycle is given out, a new circuit begins (Graziani 1989, p. 13).
- 9.
Fisher’s QTM is often captured using the following equation: \(M * V = P * Y\), where M is the money stock, V the velocity (i.e. the speed, at which money changes its proprietor), P the price level, and Y the income level (Blaug 1985, p. 632).
- 10.
The term ‘high-powered’ derives from the notion that other forms of money depend on central bank money and that an increase in the monetary basis leads to a proportionately higher increase in other forms of money (Blanchard and Johnson 2013, p. 80).
- 11.
The starting point of the endogenous nature of money is highly debated: see e.g. Chick et al. (1992) vs. Rochon and Rossi (2013). There are two major theoretical strands within Post-Keynesian theories of money creation: the ‘structuralist approach’ (the financial system evolved as interaction between regulation regimes and the financial sector) and the ‘accommodationist approach’ (authorities and financial markets have to accommodate the lending activities of commercial banks; cf. Lavoie 1996; Moore 1988).
- 12.
Similarly, Victoria Chick: The ability of the banking sector to expand independently from levels of savings results in “the probability that an expansion of finance and money may not be supported by any ‘real’ power to pay these loans back” (Chick 1992, p. 204).
- 13.
The endogenous nature of money has important implications for development economics. As the loanable funds theory can be refuted, i.e. savings are not necessary for investment, but investments rather make savings possible, policy recommendations aiming to heighten saving levels, as formulated in the Finance and Growth Consensus, can be called into question (Upadhyaya 2015, p. 179; Toporowksi 2015, pp. 75–81). Here the denomination of the currency is key.
- 14.
Quantitative Easing (QE) policies were launched by many central banks of industrialised countries, when the lower-zero bound of the policy rate, i.e. the boundary below which nominal interest rates cannot go, came near. Here, central banks buy up corporate, bank and government bonds (as was controversially done in the Euro-zone since 2014; Claeys and Leandro 2016, p. 4) in order to inject central bank money into the economy. This was done on a large scale by the ECB, the FED, the Bank of England, and (even before the recent crisis) the Bank of Japan (Claeys and Leandro 2016, p. 2; Fawley and Neeley 2013, p. 52). QE works as follows: The central bank buys bonds of private market agents or governments. As a result, the seller of the bond (e.g. a commercial bank) receives central bank money which improves her level of liquidity. The latter hereby has a deposit created. The deposit can then be used to buy other bonds or to refinance loans. Additionally, QE policies not only impact base money, but also asset prices with positive effects on commercial banks’ balance sheets and their investment activities (Adrian and Shin 2010, p. 427; for a critique of QE policies cf. Pettifor 2017, pp. 117–121).
- 15.
The emphasis on fundamental uncertainty is one of the main features distinguishing Post-Keynesianism from New Keynesianism (Roncaglia 2009, p. 480). It is important to differentiate between fundamental uncertainty and calculable risk, which is a concept prevalent in orthodox economics, where rational agents are assumed to be able to calculate the risk of their decisions.
- 16.
Ann Pettifor suggests a number of monetary policies going beyond general wisdom currently applied, such as capital controls, different interest rates depending on whether the loan is used for speculation or production, and the end of austerity and the emission of government papers with different maturities to store wealth in times of negative interest rates instead, etc. (Pettifor 2017, pp. 128–150). For a radical reform package of the monetary system, cf. Eisler (1933).
- 17.
Mankiw goes on as follows: “In particular, because money is neutral, money does not affect output“ (Mankiw 2001, p. 636). This quote is not only tautological, but also ignores the fact that the factors necessary to start production also need to be purchased, for which money is needed (Circuit and Monetary Business Cycles theories).
- 18.
That money can also be regarded as a means to protect oneself against uncertainty is also a point made by Carl Menger, however then put aside later in his theoretical framework (Roncaglia 2009, p. 302).
- 19.
This was most prominently done by Knut Wicksell in his description of the ‘cumulative process’: A deviation of the market rate from the natural rate of interest results in a persistent price change, rendering an equilibrium state of the economy impossible. For a critical account of Wicksell, see Ahiakpor (1999, pp. 435–457) and Ebeling (1999, pp. 471–479).
- 20.
In the short-run, Hume acknowledged that an increase in the money supply leads to lower real wages, lower unemployment, the writing-off of debt and increased investment levels through lower interest rates (Brugger 2015, p. 80).
- 21.
Between 2008 and 2014, the ratio of global debt to GDP has risen by 38 to 212% (Martin et al. 2014, p. 25).
- 22.
E.g. in the Arrow-Debreu adoption of the Walrasian equilibrium model (Dillard 1988, p. 299).
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Löscher, A. (2019). Conceptions of Money. In: Petersen, D., et al. Perspektiven einer pluralen Ökonomik. Wirtschaft + Gesellschaft. Springer VS, Wiesbaden. https://doi.org/10.1007/978-3-658-16145-3_7
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