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This book provides a new way of understanding modern money and markets by stressing their self-fulfilling/self-destructive properties as institutions from evolutionary perspectives. In contrast to an unrealistic view of the neoclassical general equilibrium theory that models the price mechanism of a “concentrated market” without using money, presented here is an alternative theory of markets on how a realistic “dispersive market” using a stock of money and inventory as buffers can work as a multilayered price-quantitative adjustment system.
The central features of modern sovereign moneys seen in inconvertible IOUs of central banknotes can be depicted as “The Emperor's New Clothes” that correspond to the U.S. dollar and the Euro void of their own value. The image captures such characteristics of national currencies as “self-fulfilling ideas” by the inertia of conventions in the past and expectations of an uncertain future. Both ideas normally make money more acceptable and circulative so that its value can become more stable unless expectations for the future turn very pessimistic.
The same logic also applies to such other currencies as Bitcoin and community currencies. Their recent diffusion has shown that Hayek's idea of denationalization of money and competition between multiple currencies in terms of its qualities, not its quantities sought as in ongoing quantitative easing, become more relevant under current situations. The qualities of money refer not only to stable monetary values and low transaction costs, but also to high ability in creating, sharing, and communicating social and cultural value.
The potential of the logic of self-fulfillment of ideas can thus open up a new economic society when we realize that such various non-national currencies all depend on the same logic of money.商品描述(中文翻譯)
本書提供了一種新的方式來理解現代貨幣和市場，強調它們作為機構的自我實現/自我毀滅特性，並從演化的角度進行分析。與不切實際的古典一般均衡理論相對，該理論模擬了“集中市場”的價格機制而不使用貨幣，這裡提出了一種替代市場理論，說明如何利用貨幣和庫存作為緩衝的現實“分散市場”可以作為一個多層次的價格-數量調整系統運作。
現代主權貨幣的核心特徵可以通過不可兌換的中央銀行票據的IOU來描繪，這些票據如同“皇帝的新衣”，對應於缺乏自身價值的美金和歐元。這一形象捕捉了國家貨幣的特徵，如“自我實現的觀念”，這些觀念源於過去慣例的慣性和對不確定未來的期望。這兩種觀念通常使貨幣更具可接受性和流通性，從而使其價值變得更加穩定，除非對未來的期望變得非常悲觀。
同樣的邏輯也適用於比特幣和社區貨幣等其他貨幣。它們最近的擴散顯示，哈耶克的貨幣去國有化和多種貨幣之間的競爭的觀念，在當前情況下變得更加相關，這種競爭是基於貨幣的質量，而非如當前量化寬鬆所追求的數量。貨幣的質量不僅指穩定的貨幣價值和低交易成本，還包括在創造、分享和傳遞社會及文化價值方面的高能力。
因此，觀念自我實現的邏輯潛力可以在我們意識到這些各種非國家貨幣都依賴於相同的貨幣邏輯時，開啟一個新的經濟社會。
