This talk is part of a four-part lecture series delivered by Professor Pedro Schwartz (IIMR, IEA fellow).
The institution of money is not at the centre of the research programmes of mainstream macroeconomics. In most models proposed by the profession money is inserted as an afterthought – if at all.
This contrasts with the importance generally attributed to financial and monetary institutions when analysing the political economy of crashes such as the Great Recession and its aftermath. History can help remedy this contradiction.
Since money is such an abstract institution the same problems recur across time and place, so that the study of past and present monetary theories will turn out to be surprisingly relevant in the present moments of perplexity.
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Find out more on the Institute of International Monetary Research’s website.