The central thesis of the book is that in order to evaluate monetary policy, one should have a clear idea about the characteristics and functions of money as it evolved and in its current form. That is to say that without an understanding about how money evolved as a social institution, what it is today, and what is possible to know about monetary phenomena, it is not possible to develop a meaningful ethics for money; or, to put it differently, to find what kind of institutional arrangements may be deemed good money for the kind of society we are in. And without that, one faces severe limitations in offering a normative position about monetary policy. The project is, consequently, an interdisciplinary one. Its main thread is an inquiry of moral philosophy and its foundations, as applied to money, in order to create tools to evaluate public policy in regard to money, banking, and public finance; and the views of different schools on those topics are discussed. The book is organized in parts on metaphysics, epistemology, ethics and politics of money to facilitate the presentation of all the subjects discussed to an educated readership (and not necessarily just one with a background in economics).

What is money and how does it acquire its value? How do we assign a measurable monetary value to human goods that do not seem quantifiable? What role does money play in the structure of society? Is money an illusion or is it real? Despite the enormous impact of money on the structure of human society, as well as its effect on our daily decision-making, surprisingly little philosophical work has been done on money to date. This book examines the metaphysical foundations of money as well as the power structures that characterize the world of finance, connecting the ontology of money to considerations about inequality and other real-life issues. By throwing light on the metaphysical structure of money and financial value, Eyja M. Brynjarsdóttir seeks to further the philosophical discussion of money and contribute to a broader critique of the monetary system.

One thing all mainstream economists agree upon is that money has nothing whatsoever to do with desire. This strange blindness of the profession to what is otherwise considered to be a basic feature of economic life serves as the starting point for this provocative new theory of money. Through the works of Karl Marx, Thorstein Veblen, and Max Weber, What Money Wants argues that money is first and foremost an object of desire. In contrast to the common notion that money is but an ordinary object that people believe to be money, this book explores the theoretical consequences of the possibility that an ordinary object fulfills money's function insofar as it is desired as money. Rather than conceiving of the desire for money as pathological, Noam Yuran shows how it permeates economic reality, from finance to its spectacular double in our consumer economy of addictive shopping. Rich in colorful and accessible examples, from the work of Charles Dickens to Reality TV and commercials, this book convinces us that we must return to Marx and Veblen if we are to understand how brand names, broadcast television, and celebrity culture work. Analyzing both classical and contemporary economic theory, it reveals the philosophical dimensions of the controversy between orthodox and heterodox economics.

A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.

Theology of Money is a philosophical inquiry into the nature and role of money in the contemporary world. Philip Goodchild reveals the significance of money as a dynamic social force by arguing that under its influence, moral evaluation is subordinated to economic valuation, which is essentially abstract and anarchic. His rigorous inquiry opens into a complex analysis of political economy, encompassing markets and capital, banks and the state, class divisions, accounting practices, and the ecological crisis awaiting capitalism. Engaging with Christian theology and the thought of Carl Schmitt, Georg Simmel, Karl Marx, Adam Smith, and many others, Goodchild develops a theology of money based on four contentions, which he elaborates in depth. First, money has no intrinsic value; it is a promise of value, a crystallization of future hopes. Second, money is the supreme value in contemporary society. Third, the value of assets measured by money is always future-oriented, dependent on expectations about how much might be obtained for those assets at a later date. Since this value, when realized, will again depend on future expectations, the future is forever deferred. Financial value is essentially a degree of hope, expectation, trust, or credit. Fourth, money is created as debt, which involves a social obligation to work or make profits to repay the loan. As a system of debts, money imposes an immense and irresistible system of social control on individuals, corporations, and governments, each of whom are threatened by economic failure if they refuse their obligations to the money system. This system of debt has progressively tightened its hold on all sectors and regions of global society. With Theology of Money, Goodchild aims to make conscious our collective faith and its dire implications.

A groundbreaking new synthesis and theory of social institutions Understanding Institutions proposes a new unified theory of social institutions that combines the best insights of philosophers and social scientists who have written on this topic. Francesco Guala presents a theory that combines the features of three influential views of institutions: as equilibria of strategic games, as regulative rules, and as constitutive rules. Guala explains key institutions like money, private property, and marriage, and develops a much-needed unification of equilibrium- and rules-based approaches. Although he uses game theory concepts, the theory is presented in a simple, clear style that is accessible to a wide audience of scholars working in different fields. Outlining and discussing various implications of the unified theory, Guala addresses venerable issues such as reflexivity, realism, Verstehen, and fallibilism in the social sciences. He also critically analyses the theory of "looping effects" and "interactive kinds" defended by Ian Hacking, and asks whether it is possible to draw a demarcation between social and natural science using the criteria of causal and ontological dependence. Focusing on current debates about the definition of marriage, Guala shows how these abstract philosophical issues have important practical and political consequences. Moving beyond specific cases to general models and principles, Understanding Institutions offers new perspectives on what institutions are, how they work, and what they can do for us.

There are few more important philosophers at work today than John Searle, a creative and contentious thinker who has shaped the way we think about mind and language. Now he offers a profound understanding of how we create a social reality--a reality of money, property, governments, marriages, stock markets and cocktail parties. The paradox he addresses in Making the Social World is that these facts only exist because we think they exist and yet they have an objective existence. Continuing a line of investigation begun in his earlier book The Construction of Social Reality, Searle identifies the precise role of language in the creation of all "institutional facts." His aim is to show how mind, language and civilization are natural products of the basic facts of the physical world described by physics, chemistry and biology. Searle explains how a single linguistic operation, repeated over and over, is used to create and maintain the elaborate structures of human social institutions. These institutions serve to create and distribute power relations that are pervasive and often invisible. These power relations motivate human actions in a way that provides the glue that holds human civilization together. Searle then applies the account to show how it relates to human rationality, the freedom of the will, the nature of political power and the existence of universal human rights. In the course of his explication, he asks whether robots can have institutions, why the threat of force so often lies behind institutions, and he denies that there can be such a thing as a "state of nature" for language-using human beings.