The Enigma of Money Gold, Central Banknotes, and Bitcoin
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 equilibriu
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The Enigma of Money Gold, Central Banknotes, and Bitcoin
The Enigma of Money
Makoto Nishibe
The Enigma of Money Gold, Central Banknotes, and Bitcoin
Makoto Nishibe Hokkaido University Sapporo, Hokkaido, Japan
This is the English translation from the Japanese language edition: The Enigma of Money: Gold, Central Banknotes, and Bitcoin by Makoto Nishibe. Copyright © 2014 Nishibe Makoto All rights reserved. First published 2014 by NHK Publishing, Inc., Tokyo, Japan. ISBN 978-981-10-1818-3 ISBN 978-981-10-1819-0 DOI 10.1007/978-981-10-1819-0
(eBook)
Library of Congress Control Number: 2016956542 © Springer Science+Business Media Singapore 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Springer imprint is published by Springer Nature The registered company is Springer Nature Singapore Pte Ltd. The registered company address is: 152 Beach Road, #22-06/08 Gateway East, Singapore 189721, Singapore
Preface
The title of the book, The Enigma of Money, does not mean this is a book about the “enigma concerning money.” In his Tractatus Logico-Philosophicus, the philosopher Ludwig Wittgenstein says, “Not how the world is mystical, but that it is” (6.44). This is exactly what The Enigma of Money means. The enigma does not lie in why money takes different forms like in gold, Japanese banknotes, or Bitcoin but in the existence of money and its persistence. The book’s answer to the question is that money exists as the “self-fulfillment of idea.” This has become more easily recognized as the transformation of money from gold to Japanese banknotes and to Bitcoin – informatization of money – has progressed. The “self-fulfillment of ideas” appears repeatedly in such economic phenomena as trends, booms, bubbles, and economic growth. You may think the money theory in this book is a similar claim to Katsuhito Iwai’s “money form Z as the infinite circular logic” in his On Money (Chikuma Shobo 1993) or “an infinite chain of expectations” in Theory of Cap
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