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Reading Mensik’s “The Origins of the Income Theory of Money”
by Dirk Ehnts, Econoblog101
The title of this post was taken from a paper by Josef Mensik, a colleague of mine from Brno in the Czech Republic. The abstract starts like this:
The income theory of money was conceived in the 19th century, and in the first half of the 20th century it formed the backbone of all the main monetary approaches of the time. Yet, since it did so mostly implicitly rather than explicitly, and since the later developments moved economic theory in a different direction, the income theory of money is hardly remembered at present. While mainly accounting for the origins of the approach, I am also offering a brief comparison with the present mainstream economics and I shortly address the question of the possible future of the theory too.
Source: http://econintersect.com/b2evolution/blog2.php/2015/03/05/reading-mensik-s-the-origins-of-the-income-theory-of-money
