Prabhat

There is a basic divide in economics on the answer to the question: what determines the value of money vis-a-vis non-money commodities? One answer is the monetarist one: the value of money in any period is determined by its demand and supply. The other answer states that the value of money is fixed from 'outside' the realm of demand and supply, whether by the relative quantity of labour embodied in it (Marx), or because some commodity's price is fixed in terms of ...