Utility, Money and Transaction Costs: Authoritarian vs Libertarian Monetary Policies
This paper shows that utilitarianism and libertarianism have a determining influence on moulding monetary theories. It compares Jeremy Bentham’s utilitarian theory with that of David Hume – a theory somehow based on the idea of usefulness – and that of Adam Smith – a libertarian theory critical of utilitarianism. Smith intended to demonstrate that, with regard to monetary issues, we could not cut free transaction costs through a hierarchy who addresses a fictional image. Conversely, Bentham and Hume formulated mechanisms to affect real variables through money issuing, arbitrating new ways of artificial incentive to action and reduction of transaction costs.
Year of publication: |
2005
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Authors: | Aznar, Estrella Trincado |
Published in: |
History of Economic Ideas. - Fabrizio Serra Editore, Pisa - Roma. - Vol. 13.2005, 1, p. 57-77
|
Publisher: |
Fabrizio Serra Editore, Pisa - Roma |
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