| | | | PROBLEMS OF MODERN ECONOMICS, N 1 (29), 2009 | | | | FROM THE HISTORY OF SOCIO-ECONOMIC THOUGHT AND NATIONAL ECONOMY | | | Bazulin Yu. V.
Assistant professor, Chair of Credit Theory and Financial Management, St. Petersburg State University, Candidate of Science (Economics)
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| | | The article analyzes the content of M.I. Tugan-Baranovsky’s theory of money, which he published in the book “Paper Money and Metal.” A distinctive feature of the scholar’s approach to the origin and the nature of money is the mechanistic unification of two competing economic directions. He derives the essence of material monetary units and coins from the labor theory of value, whereas the nature of bank-notes and paper money was defined on the basis of marginal utility principles. One can assuredly say that Tugan-Baranovsky was the first one to describe the socio-psychological mechanism of value creation with unchangeable paper money | | Key words: M.I. Tugan-Baranovsky, history of Russian economic thought, Marxism, theory of money, forms of money, socio-psychological mechanism, representational value of money | |
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