We develop a dynamic model for digital service firms, which invest in monetization to generate revenues from services provided to customers for free. Our model captures and explains why such firms often build a large customer base and become highly valued while continuing to suffer...

Whether or not a deficit is monetized is often thought to have important macroeconomic ramifications. This paper is organized around two questions.The first is: Does monetization matter?, or morespecifically, For a given budget deficit, do nominal or real variables behave differently depending...

Die meisten historischen Darstellungen über die Ursprünge des Geldes gleichen einem Märchen: Geld sei zum gegenseitigen Nutzen aller entstanden und Ergebnis von friedlichen Tauschgeschäften. Ganz anders David McNally. Er macht deutlich, wie eng verbunden die Entwicklung des Geldes mit...

The fungibility of money is a characteristic which contributes to the quality of money. Fungibleness is itself related to the technical ability to associate a unit of currency with its past instances of exchange. This history is analogous to the identity of money. The identity of an individual...

We develop a dynamic model of the innovative firms that invest in monetization, which represents the process of generating revenues from services provided to customers at no charge. The model reflects the challenges faced by firms that operate via the Internet, whose dynamics are shaped by the...

Libra - a global virtual currency project initiated by Facebook - has been the subject of many controversial discussions since its announcement in June 2019. This paper provides a differentiated view on Libra, recognising that different development scenarios of Libra are conceivable. Libra could...

Die Ankündigung des Social-Media-Giganten Facebook, eine neue »Weltwährung« mit dem Blockchain-basierten Zahlungssystem Libra einführen zu wollen, löste international kontroverse Diskussionen über Vor- und Nachteile von Kryptowährungen aus. Die Reaktionen reichten von Begeisterung über...

Libra - a global virtual currency project initiated by Facebook - has been the subject of many controversial discussions since its announcement in June 2019. This paper provides a differentiated view on Libra, recognising that different development scenarios of Libra are conceivable. Libra could...

"Conventional explanations of the nature of money are weighed down by bad ideas and irrelevant historical evidence. The standard theory of finance is hampered by the lack of both sociological and ethical contextualization, and by sloppy thinking about numbers and time. Money, Finance, Reality,...

Die Coronakrise hat es wieder heraufbeschworen: das Inflationsgespenst. Es geisterte von Beginn an durch die Geldgeschichte, nun ist es zurück – und bringt die Finanzmärkte ins Wanken. Die Niedrigzins-Politik hat die Zentralbanken in eine Sackgasse geführt, aus der sie bei steigender...

"Monetisation and Commercialisation in the Baltic Sea, 1050-1450 explores the varied uses of silver and gold in the Baltic Sea zone during the medieval period. Ten original contributions examine coins and currencies, trade, economy, and power, taking care to avoid an out-of-date approach to...

An overview, setting the scene for the need for a financial system -- The commercial banks and the money supply process -- The mechanism behind the money multiplier and the market for loanable funds -- The demand for money holdings by firms and households -- Rates of interest and the new...

Das Buch stellt auf leicht verständliche und anschauliche Weise Irrtümer im Bereich der Geldtheorien dar und erläutert die fatalen Folgen geldtheoretischer Fehleinschätzungen und ordnungspolitischer Verstöße für Wirtschaft und Gesellschaft. Orientiert an der Konjunkturtheorie Friedrich A....

We explore monetary policy in a world without fractional reserve banking. In our world, banks are purely transaction institutions. Money is a form of government debt that bears interest, which can be negative as well as positive. Services of money are a factor of production. We show that the...

We explore monetary policy in a world without fractional reserve banking. In our world, banks are purely transaction institutions. Money is a form of government debt that bears interest, which can be negative as well as positive. Services of money are a factor of production. We show that the...

1. Why Another Book about Money? -- 2. Imagine a World Without Money -- 3. A Brief History of Money -- 4. Saving, Lending, Borrowing, and the Banking Sector -- 5. Central Banks, Monetary Policy, and the Economy -- 6. The Financial Crisis of 2007-2009 and the Great Recession -- 7. Economic Growth...

Klimakrise, Pandemie, Ungleichheit, politischer Rechtsruck IBU grosse gesellschaftliche Herausforderungen, die es zu lösen gilt. Leider scheitern Reformen zumeist an der Frage: ?wie sollen wir das bezahlen?". Weit verbreitete Irrtümer zur Funktionsweise des Geldsystems und ökonomischen...

Frontmatter -- Preface -- Acknowledgments -- Contents -- About the Authors -- Part I: Money and Society -- Chapter 1. A Great Human Invention: The Role of Money in Society -- Chapter 2. Why Some People Have So Much Money and Others Have So Little -- Part II: Central Banks and Global Finance --...