demonstrated that money is a measure of generalized power in exchange and a certification of generalized power in subsequent …Modern exchange theories model a large market, but do not explain single exchanges. This paper considers the phenomenon … of single exchange and formulates the general exchange problem in the form of a system of two equations, subjective and …

demonstrated that money is a measure of generalized power in exchange and a certification of generalized power in subsequent …Modern exchange theories model a large market, but do not explain single exchanges. This paper considers the phenomenon … of single exchange and formulates the general exchange problem in the form of a system of two equations, subjective and …

Yeager responds to Aschheim and Tavlas about the reply to the papar "Unit of account or medium of exchange?" …

Money evolved gradually as a cuitural product, it was not originally invented and imposed by the state (although it did … medium of exchange evolved earliest. Quite plausibIy, one function carne first in some times and places, the other in others … payments system can readiIy accommodate multiple media of exchange (if, indeed, notes and deposits of different banks and …

Yeager responds to Aschheim and Tavlas about the reply to the papar "Unit of account or medium of exchange?" …

Money evolved gradually as a cuitural product, it was not originally invented and imposed by the state (although it did … medium of exchange evolved earliest. Quite plausibIy, one function carne first in some times and places, the other in others … payments system can readiIy accommodate multiple media of exchange (if, indeed, notes and deposits of different banks and …

A replay to the Yeager's papar: "Unit of account or medium of exchange?" …

indirect trade, money also must be used. Micro says that price is equal to marginal cost, rejecting trade theory’s claim that … trade is gainful. To remove these and other contradictions, price theory must be repaired. Money’s role in market clearing … must also be acknowledged. A new paradigm brings all of economics in a unified model of exchange. It abolishes the micro …

Today all countries have fiat money issued by a central bank. There is no obligation by a central bank to exchange its … money for gold or any other good. Central banks have the monopoly to issue central bank money and have the power to create … their money out of nothing. Creating such a monetary system is functional for a capitalist economy and must be regarded as a …