Springer Studies in Alternative Economics as a Social Science

Name: Springer Studies in Alternative Economics as a Social Science
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Bol This book places economic theory on a new foundation: it explains the economy through the social relations people establish with one another through exchange and money. This book explores the separation of economics from the social sciences. Raimund Dietz attributes this development to the adoption of a too narrow, instrumentalist perspective and demonstrates how close the mainstream is to the idea of a socialist planned economy, despite all its liberal phraseology. The book attempts to comprehensively reconstruct economics as catallactics, explicitly including and assigning a central role to liberal forms of socialization, such as exchange and money – an approach that, it argues, is the only way to overcome the methodological deficits of the mainstream. It allows monetary theory to be integrated into economic theory. Further, the book shows that modern societies have no choice but to organize themselves as capitalist market economies. For good economic reasons, money has lost its physical value over the course of time and is now merely symbolic. As a result, the importance of the state has also grown. The author proposes that the power to create money should be consistently placed in the hands of the central bank. The book offers a transformative perspective that addresses the urgent need for sustainable resource management worldwide. It invites social scientists, policymakers, and especially economists to rethink economics and pursue a holistic approach to a more sustainable future. This book is a translation of an original German edition. The translation was done with the help of artificial intelligence (machine translation by the service DeepL.com). A subsequent human revision was done primarily in terms of content, so that the book will read stylistically differently from a conventional translation. This book places economic theory on a new foundation: it explains the economy through the social relations people establish with one another through exchange and money. Raimund Dietz accomplishes this by moving from a dyadic to a triadic theoretical architecture. The dyadic thinking prevalent in mainstream economics examines how subjects use scarce means. The triadic perspective, by contrast, starts from the nexus between autonomous subjects who relate to each other through exchange and money. A theory of individual economizing thus becomes a theory of the economy. Taking exchange as the fundamental social operation, Dietz develops economics as catallactics—a theory of the social order constituted through exchange. Money assumes the central place in this theory that its significance for modern civil society demands. This shift in perspective enables a fundamental reformulation of value theory and monetary theory and offers a new understanding of the relationships between market and state, capitalism and socialism, and freedom and social order. From his analysis of money as a social medium, the author also draws implications for the design of the monetary order. He explains why the creation of symbolic money should be a public prerogative entrusted exclusively to the central bank. The book addresses economists, social scientists, and policymakers, as well as anyone seeking to understand the interconnections between economy and society and to help shape their future.

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This book places economic theory on a new foundation: it explains the economy through the social relations people establish with one another through exchange and money. This book explores the separation of economics from the social sciences. Raimund Dietz attributes this development to the adoption of a too narrow, instrumentalist perspective and demonstrates how close the mainstream is to the idea of a socialist planned economy, despite all its liberal phraseology. The book attempts to comprehensively reconstruct economics as catallactics, explicitly including and assigning a central role to liberal forms of socialization, such as exchange and money – an approach that, it argues, is the only way to overcome the methodological deficits of the mainstream. It allows monetary theory to be integrated into economic theory. Further, the book shows that modern societies have no choice but to organize themselves as capitalist market economies. For good economic reasons, money has lost its physical value over the course of time and is now merely symbolic. As a result, the importance of the state has also grown. The author proposes that the power to create money should be consistently placed in the hands of the central bank. The book offers a transformative perspective that addresses the urgent need for sustainable resource management worldwide. It invites social scientists, policymakers, and especially economists to rethink economics and pursue a holistic approach to a more sustainable future. This book is a translation of an original German edition. The translation was done with the help of artificial intelligence (machine translation by the service DeepL.com). A subsequent human revision was done primarily in terms of content, so that the book will read stylistically differently from a conventional translation. This book places economic theory on a new foundation: it explains the economy through the social relations people establish with one another through exchange and money. Raimund Dietz accomplishes this by moving from a dyadic to a triadic theoretical architecture. The dyadic thinking prevalent in mainstream economics examines how subjects use scarce means. The triadic perspective, by contrast, starts from the nexus between autonomous subjects who relate to each other through exchange and money. A theory of individual economizing thus becomes a theory of the economy. Taking exchange as the fundamental social operation, Dietz develops economics as catallactics—a theory of the social order constituted through exchange. Money assumes the central place in this theory that its significance for modern civil society demands. This shift in perspective enables a fundamental reformulation of value theory and monetary theory and offers a new understanding of the relationships between market and state, capitalism and socialism, and freedom and social order. From his analysis of money as a social medium, the author also draws implications for the design of the monetary order. He explains why the creation of symbolic money should be a public prerogative entrusted exclusively to the central bank. The book addresses economists, social scientists, and policymakers, as well as anyone seeking to understand the interconnections between economy and society and to help shape their future.

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