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Fiat versus Representative Money under Debate, or How Right Keynes Was Once (!)
Theoretical and Applied Economics
Volume XVIII (2011), No. 5(558), pp. 45-58
Fiat versus Representative Money under Debate,
or How Right Keynes Was Once (!)
Liviu C. ANDREI
National School of Political Studies and Public Administration, Bucharest
liviucandrei@
Abstract. The applied economics understands the concept of
money nearly exclusively through the quantitative theory, which certainly
remains one of the greatest theories in this topic area. On the other hand,
the history of money – be it old or contemporary -- finds two other “non-
quantitative” theories as more relevant in the respect that they are able
to “cover” this history – these are representative and fiat money. Then,
there comes the interesting point: this history “covered”, meaning a full
explaining of facts would be made by the two theories and images of the
same money just “together”—which is impossible in basic good sense
terms, as money (as anything else) cannot be real and fictitious value in
the same time.
Keywords: fiat money; representative money; seniorage; barter
(and its system); commodity money; international monetary system
(IMS); macroeconomics; optimum currency area (OCA); economic
theory.
JEL Codes: E00, E52.
REL Codes: 1F, 2B.
46
Liviu C. Andrei
I already believe that my last intervention on the issue (Andrei, 2011)
skipps an important stake: vis-a-vis the quantitative theory of money, which of
course remains one of the ?largest” economic theories ever, findings of the
literature on qualitative theories stay so low voices, whereas some of them are
at least equally significant. When I say significant, I think about the money
substance, as identified with: (1) a fiction of value given by the monetary
authority, see the fiat money, versus (2) a natural valuable substance on market
as basing the money value, see the representative money. Moreover, not only
the sign
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