Technological Change as Monetary a Phenomenon

17 Pages Posted: 13 Dec 2017

See all articles by Krzysztof Waśniewski

Krzysztof Waśniewski

Andrzej Frycz Modrzewski Krakow University

Date Written: December 11, 2017


This article attempts to study the function of monetary systems as networks of communication, which facilitate the channelling of social effort in the presence of exogenous conditions. A model of monetary system is being proposed, where monetary balances are algorithms of response, built up in the presence of uncertainty induced by technological change. Empirical research brought in support to that model demonstrates strong and negative a correlation between the velocity of money and the share of aggregate depreciation in current output, with intriguing links to exogenous mechanisms of energy absorption in the local social system.

Keywords: monetary systems, technological change

JEL Classification: E1, E12, E14, E3

Suggested Citation

Waśniewski, Krzysztof, Technological Change as Monetary a Phenomenon (December 11, 2017). Available at SSRN: or

Krzysztof Waśniewski (Contact Author)

Andrzej Frycz Modrzewski Krakow University ( email )

ul. Herlinga Grudzińskiego 1

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