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Fiat versus Representative Money under Debate, or How Right Keynes Was Once (!).docVIP

Fiat versus Representative Money under Debate, or How Right Keynes Was Once (!).doc

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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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