Skip to main content
SpringerLink
Log in

Money without Value, Accounting without Measure: How Economic Theory Can Better Fit the Economic and Monetary System We Live in

  • Chapter
Money and Calculation

Part of the book series: Bocconi on Management Series ((BOCCOM))

Abstract

The financial crisis of 2007 was unanimously declared a liquidity crisis, and governments and central banks worldwide reacted by injecting massive amounts of fresh money to rescue the financial system. Whilst this response succeeded in effectively restoring ordinary inter-bank credit, it did not address the systemic issues raised by the crisis.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 39.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 54.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 54.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Aglietta, M. and Orléan, A. (dir.) (1998) La monnaie souveraine (Paris: Editions Odile Jacob).

    Google Scholar 

  • Anthony, N. R. (1960) ‘The Trouble with Profit Maximization’, Chapter 12, in Biondi, Y. et al. (2007) The Firm as an Entity: Implications for Economics, Accounting, and Law (New York and London: Routledge), pp. 201–215.

    Google Scholar 

  • Anthony, N. R. (1978) Financial Accounting in Non-business Organizations. An Exploratory Study of Conceptual Issues, Research Report (Norwalk, CT: Financial Accounting Standards Board).

    Google Scholar 

  • Anthony N. R. (1983) Tell It Like It Was: A Conceptual Framework for Financial Accounting (USA: Richard D. Irwin Inc.).

    Google Scholar 

  • Berle, A. A., Jr (1963) The American Economic Republic (New York: Harcourt Inc.).

    Google Scholar 

  • Biondi, Y. (2002) Gino Zappa e la rivoluzione del reddito. Azienda, moneta e contabilità nella nascente economia aziendale (Gino Zappa and the Business Income to the Firm. Enterprise Entity, Money and Accounting at the Foundations of Italian Business Economics) (Padua: CEDAM).

    Google Scholar 

  • Biondi, Y. (2005a) ‘L’impresa nella dinamica economica: Gino Zappa lettore degli Erotemi di Maffeo Pantaleoni’ (The Enterprise Entity and the Economic Dynamics: G. Zappa, Reader of Erotemi by M. Pantaleoni), Pensiero Economico Italiano, 13, 2005 (2), 179–215.

    Google Scholar 

  • Biondi, Y. (2005b) ‘G. Zappa, T. Veblen, J. R. Commons e l’impresa come istituzi-one economica’ (Zappa, Veblen, Commons and the Enterprise Entity as an Economic Institution), Storia del Pensiero Economico, 2005(1), 93–120.

    Google Scholar 

  • Biondi, Y. (2006) ‘Accounting and the Economic Analysis of the Firm as an Entity’, chapter 4, in Dietrich Michael (ed.) The Economics of the Firm: Analysis, Evolution and History (New york and London: Routledge), 65–87.

    Google Scholar 

  • Biondi, Y. (2008a) ‘Schumpeter’s Economic Theory and the Dynamic Accounting View of the Firm: Neglected Pages from the Theory of Economic Development’, Economy and Society, 37(4), November 2008, 525–547.

    Article  Google Scholar 

  • Biondi, Y. (2008b) ‘De Charybde de la comptabilité de caisse en Scylla de la comptabilité patrimoniale’, Revue de la régulation, 3(4), 2e semestre. http://regulation.revues.org/index5003.html.

    Google Scholar 

  • Biondi, Y. (2009) ‘Should Business and Non-Business Accounting Be Different? A Comparative Perspective Applied to the New French Governmental Accounting Standards’, EGPA Annual Conference, Rotterdam, 3–6 September 2008; 12th Biennial CIGAR Conference Paper, University of Modena, Italy, 28–29 May. http://ssrn.com/abstract=1414751.

    Google Scholar 

  • Biondi, Y. and Stefano, Z. (2011) Accounting and Business Economics: Insights from National Traditions (New York and London: Routledge), forthcoming.

    Google Scholar 

  • Biondi, Y. et al. (eds) (2007) The Firm as an Entity: Implications for Economics, Accounting, and Law (New York and London: Routledge).

    Google Scholar 

  • Coase, H. R. (1990) ‘Accounting and the Theory of the Firm’, in Y. Biondi et al. (eds) The Firm as an Entity: Implications for Economics, Accounting, and Law (New York and London: Routledge 2007), quoted.

    Google Scholar 

  • De Vecchi, N. (1983) (cur) La teoria austriaca del capitale e dell’interesse. Fondamenti e discussione, Antology of works by Böhm-Bawerk, J.B. Clark, J.A. Schumpeter e C. Menger, with an introduction by the editor: “La scienza del capitale fra tradizione e irrequietezza”, pp. 3–69, Roma: Istituto della Enciclopedia Italiana Treccani 1983.

    Google Scholar 

  • De Vroey, M. (2001) ‘Equilibrium and Disequilibrium in Walrasian Economics’, Journal of the History of Economic Thought, 24(4), December, 405–426.

    Article  Google Scholar 

  • Donzelli, F. (1986) Il concetto di equilibrio nella teoria economica neoclassica (Rome: NIS).

    Google Scholar 

  • Fantacci, L. (2005) La moneta. Storia di un’istituzione mancata (Venice: Marsilio).

    Google Scholar 

  • Frydman, R. (2001) ‘L’équilibre économique: intentions individuelles et réalisation sociale’, Chapter 1 in J. Cartelier and R. Frydman (eds) L’économie hors d’équilibre (Paris: Economica 2001), 15–39.

    Google Scholar 

  • Gordon L. A. and Stark A. W. (1989) Accounting and Economic Rates of Return: A Note on Depreciation and Other Accruals, Journal of Business Finance and Accounting, 16(3), summer 1989, 425–432.

    Article  Google Scholar 

  • Hicks, J. R. (1965) Capital and Growth (NY-Oxford: Oxford University Press).

    Google Scholar 

  • Ijiri, Y. (1967) The Foundations of Accounting Measurement: A Mathematical, Economic and Behavioral Inquiry (Englewood Cliffs, NJ: Prentice-Hall).

    Google Scholar 

  • Ijiri, Y. (2005) ‘US Accounting Standards and their Environment: A Dualistic Study of their 75 Years of Transition’, Journal of Accounting and Public Policy, 24, 255–279.

    Article  Google Scholar 

  • Klausinger, H. (1990) ‘The Early Use of the Term “Veil of Money” in Schumpeter’s Monetary Writings — A Comment on Patinkin and Steiger’, Scandinavian Journal of Economics, 92, 617–621.

    Article  Google Scholar 

  • Littleton A. C. (1961) Essays on Accountancy, in C. A. Moyer (ed.) ‘Part One — On Accounting History’; ‘Part Two — On Accounting Theory’ (Urbana, IL: University of Illinois Press).

    Google Scholar 

  • Marget W. A. (1951) ‘The Monetary Aspects of the Schumpeterian System’, in ‘Schumpeter, Social Scientist’, Review of Economics and Statistics, 33(2), May, 112–121.

    Article  Google Scholar 

  • Menger, C. (1871) Grundsätze der Volkswirtschaftslehre, English translation: Principles of Economics (1950), 1st edn, F. Knight (ed.) (Illinois: The Free Press). Italian translation: Principii fondamentali d’economia (1907), 1st edn (Rome: Giornale degli Economisti); Principi di Economia politica (1923) (Torino: UTET); Principii fondamentali di Economia politica (1925), 2nd edn, preface by Maffeo Pantaleoni (Bari: Laterza).

    Google Scholar 

  • Menger C. (1892) ‘La monnaie mesure de valeur’, Revue d’économie politique, 6, 159–175.

    Google Scholar 

  • Miller, S. H. (1947) ‘Review of U. Caprara’s La Banca: Principii di Economia delle Aziende di Credito’, American Economic Review, 37(5), December, 981–984.

    Google Scholar 

  • Montesano, A. (1972) ‘La nozione di economia dinamica’, Giornale degli Economisti, nuova serie, 31(3/4), March/April, 185–227.

    Google Scholar 

  • Moore, L. H. (1906) ‘Paradoxes of Competition’, Quarterly Journal of Economics, 20(2), February, 211–230.

    Article  Google Scholar 

  • Nogaro, B. (1906) ‘Contribution à une théorie réaliste de la monnaie’, Revue d’économie politique, 20, 681–724.

    Google Scholar 

  • Pantaleoni, M. (1897) Du caractère logique des differences d’opinion qui separent les économistes, conference read at University of Geneva on 23 october 1897, Geneva 1897. Italian Translation: Del carattere delle divergenze di opinione esistenti fra economisti, Giornale degli Economisti, s.2, a.8, vol.15, 1897, II: December, pp. 501–530. Collected in Pantaleoni Maffeo (1925), Erotemi di economia, deux vol., Laterza, Bari 1925, vol I: pp. 157–187.

    Google Scholar 

  • Pantaleoni, M. (1909) Di alcuni fenomeni di dinamica economica, Giornale degli Economisti, s. 2, a. 20, vol. 39, 1909, II, september, pp. 211–254. Collected in Pantaleoni, M. (1925), Erotemi di economia, deux vol., Laterza, Bari 1925, vol II: pp. 75–127. English translation: International Economic Papers, vol. 5, MacMillan, London 1956.

    Google Scholar 

  • Patinkin, Don and Steiger, Otto (1989) ‘In Search of the “Veil of Money” and the “Neutrality of Money”: A Note on the Origin of Terms’, Scandinavian Journal of Economics, 91(1), 131–146.

    Article  Google Scholar 

  • Perroux, F. (1966) L’économie du XX° siècle (Paris: PUF).

    Google Scholar 

  • Raby, L. W. (1959) ‘The Two Faces of Accounting’, The Accounting Review, 34(3), July, 452–461.

    Google Scholar 

  • Richard, J. (1996) Comptabilités et pratiques comptables (Paris: Dalloz).

    Google Scholar 

  • Schmalenbach, E. (1926) Grundlagen dynamischer Bilanzlehre, Zeitschrift fuer Handelwissenschaftliche Forschung, Leipzig, Ie édition (1919), 13,1–60, 65–101. IIe édition (1920), supplement. IVe édition (1926): Dynamische Bilanz (Koln and Opladen: Westdeutscher Verlag).

    Google Scholar 

  • Schmalenbach, E. (1933) ‘Business Economics and Changes in German Business Conditions’, Harvard Business Review, 11(4), July, 490–497.

    Google Scholar 

  • Schumpeter, J. A. (1917) Das Sozialprodukt und die Rechenpfennige. Glossen und Beitraege zur Geldtheorie von heute, Archiv für Sozialwissenschaft und Sozialpolitik, 44. Band, 1917/18. English translation: ‘Money and the Social Product’, in International Economic Papers, 6, 1956.

    Google Scholar 

  • Schumpeter, J. A. (1926) Theorie der wirtschaftlichen Entwicklung, Ie édition, 1912; IIe édition, 1926 (Leipzig: Duncker & Humblot).

    Google Scholar 

  • Schumpeter, J. A. (1954) History of Economic Analysis (London: George Allen & Unwin).

    Google Scholar 

  • Schumpeter, J. A. (1970, posthume) Das Wesen des Geldes, Mann, F. K. (ed.) (Goettingen: Vandenhoeck & Ruprecht).

    Google Scholar 

  • Shubik, M. (1978) ‘A Dynamic Economy with Fiat Money without Banking but with Ownership Claims to Production Goods’, in Hommage à F. Perroux (Grenoble: P.U. Grenoble), 675–688.

    Google Scholar 

  • Shubik, M. (1993) ‘Accounting in Its Relationship to General Equilibrium Theory’, in Y. Biondi et al. (eds) The Firm as an Entity: Implications for Economics, Accounting, and Law (New York and London: Routledge 2007), quoted, 73–81.

    Google Scholar 

  • Shwayder, K. (1967) ‘A Critique of Economic Income as an Accounting Concept’, Abacus, 3(1), August 1967, pp. 23–35.

    Article  Google Scholar 

  • Stauss, H. J. (1944) ‘The Entrepreneur: The Firm’, in Y. Biondi et al. (eds) The Firm as an Entity: Implications for Economics, Accounting, and Law (New York and London: Routledge 2007), quoted.

    Google Scholar 

  • Sunder, S. (1997) Theory of Accounting and Control (Cincinnati, OH: South-Western College Publishing).

    Google Scholar 

  • Tobin, J. (1985) ‘Neoclassical Theory in America: J. B. Clark and I. Fisher’, Centennial Essays (Dec., 1985), The American Economic Review, 75(6), 28–38.

    Google Scholar 

  • Walb, E. (1926) Die Erfolgsrechnung privater und öffentlicher Betriebe (Berlin and Vienna: Industrieverlag Spaeth & Linde).

    Google Scholar 

  • Zappa, G. (1937) Il reddito d’impresa (Milan: Giuffrè). First complete edition, 1929 (Rome: ALI).

    Google Scholar 

Download references

Authors
  1. Yuri Biondi
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Editors and Affiliations

  1. Bocconi University, Italy

    Massimo Amato , Luigi Doria  & Luca Fantacci ,  & 

Copyright information

© 2010 Yuri Biondi

About this chapter

Cite this chapter

Biondi, Y. (2010). Money without Value, Accounting without Measure: How Economic Theory Can Better Fit the Economic and Monetary System We Live in. In: Amato, M., Doria, L., Fantacci, L. (eds) Money and Calculation. Bocconi on Management Series. Palgrave Macmillan, London. https://doi.org/10.1057/9780230298019_3

Download citation

Publish with us

Policies and ethics

Search

Navigation