What is money today? Legal and economic perspectives
Professor Rosa Lastra, Dr Jason Grant Allen and Michael Kumhof have written a piece about their Rebuilding Macroeconomics research project which interrogates the concept of money.
In the blog post published on the Rebuilding Macroeconomics website the authors ask: “What really is money? Is money in one society different to another? Or does a universal and ahistorical core of properties of money that exist across place and time? Most importantly for this project, how can Economics and Law inform each other when dealing with the question of money?”
The authors claim that the concept of money has been sidelined in many conventional macroeconomic models, arguing that an understanding of money that incorporates both the economic and the legal opens up opportunities for the creation of new forms of money.