A Quantum Theory of Money and Value
Orrell D (2016) A quantum theory of money and value. Economic Thought 5(2): 19–36.
Posted: 19 Jul 2015 Last revised: 23 Feb 2020
Date Written: June 28, 2015
The answer to the question “what is money?” has changed throughout history. During the gold standard era, money was seen as gold or silver (the theory known as bullionism). In the early 20th century, the alternative theory known as chartalism proposed that money was a token chosen by the state for payment of taxes. Today, many economists take an agnostic line, and argue that money is best defined in terms of its function, e.g. as a neutral medium of exchange. This paper argues that none of these approaches adequately describe the nature of money, and proposes a new theory, inspired by non-Newtonian physics, which takes into account the dualistic real/virtual properties and complex nature of money. The theory is applied to the example of the emergence of cybercurrencies.
Keywords: money, quantum, cybercurrency
JEL Classification: B41, B50, E40
Suggested Citation: Suggested Citation