| 16331. |
- Marmefelt, Thomas, docent, 1962-
(författare)
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Cultural Norm Compliance and Standard-Based Stewardship of an Ecology of Alternative Currencies in a Digital World
- 2021
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- Macroeconomic stability is an important element of the United Nations Sustainable Development Goals. The economy is a complex social system, which constitutes an emergent order, involving self-organization. As such it is the outcome of a web of social interactions among many economic agents. Coordination among them is done through the price mechanism. The capital structure of the economy evolves over time becoming increasingly complex, using a variety of currencies. Alternative monetary arrangements today involve complementary currencies and cryptocurrencies, as private monies adapted to the capital structure, in addition to the private monies created by commercial banks when they give credit, while central bank digital currencies would be digital public monies, providing liquidity that may distort the capital structure. This paper analyzes standard-based stewardship of the blockchain, in contrast to preference-based regulation, considering intrinsic and epistemic internalization and cultural norm-based law, rather than external norm compliance and legislation. Complementary currencies often have a social dimension and contribute to sustainable community development. Cryptocurrencies involve the potential to do so on a global scale. Central bank digital currencies, issued against government securities, would be able to provide liquidity to the economy, based on NGDP targeting and carbon footprint requirements.
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| 16332. |
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| 16333. |
- Marmefelt, Thomas, 1962-
(författare)
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Developing New Monetary Economics Using the Monetary Theory of Schumpeter, Mises, and Wicksell
- 2011
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- According to Schumpeter, money is a clearing device, a social institution rather than a commodity, and money supply constitutes a critical figure that determines the price level.Schumpeter argues that the value of money is independent of its metal content, but also finds a legally defined ticket inappropriate.He pointsout that the purchasing power of money cannot bea matter of exchange value, nor of use value, butthe purchasing power of a unit of income.According to Mises, Schumpeter tries to build a catallactic ticket theory, which requires a comparison of available tickets and opportunity space, using the sum of money incomes and the product of prices and consumption goods. He finds that the commodities relate only to circulating money, while money relates to production goods as well as consumption goods, more commonly tothe turnover of production goods to production goodsthan to the exchange of production goods for consumption goods. For Mises, the value of money must be based upon utility, but the objective exchange value of money reflects subjective individual valuations. Money is an emergent order and the intangible money emerging today represents an institutional form of money with an accounting system of exchange, moving towards Wicksell’s pure credit economy, in itself making monetary separation suitable. According to Wicksell, a pure credit economy requires that the value of money is made independent of its commodity function. Credit is a remedy to scarcity of money, while bills of exchange increase virtual velocity. He argues that the unit of value should be independent of material thingsand thatthe inconvertible paper coinis used as credit medium, implying an abstract medium of account. The New Monetary Economics involves a functional separation of monetary functions making units and media of account distinct from media of exchange. In the Black-Fama-Hall (BFH) system, developed by Yeager and Greenfield, the unit of account is physically defined by the state as a non-convertible nearly comprehensive commodity bundle, which constitutes the critical figure in such a system, while the media of exchange are privately issued.This is contrasted to separation of the functions of media of account from media of exchange, where the media of account are abstract, such as Meulen’s banknote pound.These two approachesto the media of account are analyzed from the perspective of Schumpeter, Wicksell, and Mises.
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| 16334. |
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| 16335. |
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| 16336. |
- Marmefelt, Thomas, 1962-
(författare)
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Hanseatic Monetary Arrangements and the Functional Separation of Money
- 2013
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Ingår i: The 25th EAEPE annual Conference Website [online]. ; , s. -27
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- In order to theoretically analyze, from the perspective of new monetary economics andsociallearning,theevolution of monetary arrangementswith functional separation of money,thispaperanalyzes the history of Hanseatic monetary arrangements and the functional separationof money in the Baltic and North Seas region, that is, the evolution of units of account andmedia of exchangealong the East-West trade routes of the Hanseatic League. Focusing on thecognitive aspect of money as social institution, the evolution of units of account and media ofexchange are studied as adaptive responses by human minds. The emphasis will be on theheuristics of long-distance traders in the Baltic and North Seas region, considering theexchange of commodities and of monies.Going beyond the emergence of money as mediumof exchange, this paper studies the emergence of unitsof account and of media of exchange,that is, the emergence of monetary arrangements as co-evolution of units of account, in theMiddle Ages called monies of account, and media of exchange, in which the value of moneyis given by its purchasing power, be it money of account or money as medium of exchange.This paper views institutions as having both a cognitive and a behavioral component. Associal institution, money has a cognitive dimension, which represents the way traders thinkabout money as unit of account and medium of exchange, respectively, in the form ofmonetary heuristics, translating the unit of account to a particular worth, using a social scriptto which market agents attribute a specific worth.When the value of the underlyingcommodity bundle changes from the original worth, market agents observe a script deviationof that bundle, attributing that to changes in the commodity space, and adjust the bundleaccordingly. As social institution, money also has a behavioral dimension, which is expressedin the purchasing power of money; what commodity bundle could be bought for a certainamount of one currency, a medium of account with its associated media of exchange, foranother currency, thus establishing exchange rates. Exchange rates between currencies wereestablished according to relative perceived purchasing power, some kind of classifier system.Along the cognitive dimension, long-distance tradersformed beliefs about the relativepurchasing power of their currencycompared with the foreign one; along the behavioral onethey exchanged money at the rates so specified.The Hanseatictrade was organized along theline Novgorod-Reval-Lübeck-Hamburg-Bruges-London, whereBruges is of particularinterest as meeting place between Italian and Hanseaticmerchants, an interface ofMediterranean and Baltic commerce.In Bruges,Italianmerchant-bankers operated, usingbillsof exchange to meet the requirements of trade by correspondence, while Hanseatic traderelied on the exchange contract adopted to traveling trade. Hanseatic merchants openedtransitory accounts with Flemish money-changers to be used as means of settlement.Amonetary market orderevolved through the exchange of money and of commodities.
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| 16337. |
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| 16338. |
- Marmefelt, Thomas
(författare)
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Human Knowledge, Rules, and the Spontaneous Evolution of Society in the Social Thought of Darwin, Hayek, and Boulding
- 2009
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Ingår i: Journal of Economic Behavior and Organization. - : Elsevier BV. - 0167-2681 .- 1879-1751. ; 71:1, s. 62-74
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Tidskriftsartikel (refereegranskat)abstract
- In the social sciences, the label Darwinian often means a biological explanation of social phenomena. Both Hayek and Boulding adopt a Lamarckian approach to social evolution. Hayek shows that coordination of groups larger than hunting and gathering bands requires a cultural evolution of learnt rules. Boulding uses the notion of noosphere of human knowledge, where learning transmits the noogenetic structure. Hayek's and Boulding's Lamarckian theories are compared with Darwin's theory of social evolution to explore how the latter may be extended to explain the links between human knowledge, rules, and evolution of society, outlining a Darwinian social/cultural approach.
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| 16339. |
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| 16340. |
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