Skip to main content

2023 | OriginalPaper | Buchkapitel

Economics and Money. Political and Epistemological Perspectives of Connecting and Fault Lines: A Fil Rouge from Keynes to Digitization

verfasst von : Rainer Stefano Masera

Erschienen in: Monetary Policy Normalization

Verlag: Springer Nature Switzerland

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

To assess the theoretical and normative consequences of the digitization process in money, finance, and defense, a deeper understanding of the underlying methodological reference frameworks of statistics, probability, economics, and social sciences is needed. This paper addresses the problem by looking at the relationship between inductive and deductive approaches in research methodology and at the century-old distinction between measurable objective risk and uncertainty underlined by J. M. Keynes and F. Knight. Assessing the right theoretical framework will be paramount to choose an adequate normative approach in respect to the danger of contagion between the phygital domains, the crypto world, and the traditional financial system.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Fußnoten
1
Notably in comparison with the near-exclusive emphasis on the alleged short-termism of Keynesian analysis (1923) (“in the long run we are all dead”).
 
2
Arrow recognized that the rarefied assumptions implied “real problems” in finding any use of his general equilibrium model. See Arrow in Machina and Viscusi (2014).
 
3
For a comprehensive analysis of these issues and of the relevant references the reader is referred to Tavlas (2020).
 
4
Later, Friedman developed his plan for a steady limited annual increase of the monetary base (1968).
 
5
The interplay in the past century of some of the most brilliant minds on the quantity theory and the banks’ reserve framework encompassed also the approach to probability theory. The views evolved over time, but some reference points merit clarification. Irving Fisher’s approach to risk was based on a Bayesian framework. Keynes (1921) and Knight (1921) contributions to probability were based on a radical separation of measurable risk and unmeasurable uncertainty. They rejected extensive applications of Bayesian and Frequentistic approaches. Friedman instead gave a broader support to risk measurement. This was put into question by Hicks.
 
6
Laplace (1818) had adopted the Bayesian scheme by assuming a uniform distribution of the prior.
 
7
This process had been explained by Irving Fisher (1930), as acknowledged by Keynes.
 
8
Keynes (1930a, 1930b, Vol. II, p. 67): “One asset is more liquid than another if it is more certainly realizable at short notice and without loss”.
Hicks (1969, 1974) drew specific attention to the term structure of interest rates as the key connecting factor between liquidity preference, portfolio selection, and monetary analysis. See also Masera (2018).
 
9
The interested reader is referred to Masera (2018), and Arcelli et al. (2021).
 
10
See Sect. 11 and Box 5. For the interested reader these developments are reviewed in Masera (2023). This paper addresses the concomitant developments in China, which has become the major contender to the geopolitical supremacy of the United States.
 
11
See Sects. 7.1, 7.2, and 7.3.
 
12
A CC is the digital asset issued outright by the Distributed Ledger Technology (DLT) protocol (see Blockchain, Box 4).
 
13
A critical survey of DLTs and Cryptos is presented by Banca d’Italia (2022).
 
14
An overall compelling analysis of the recent development in crypto finance and the new technologies in central bank digital money is offered by Panetta (2022a, 2022b).
 
15
After the implosion of CC values in 2022 (Panetta 2022a, 2022b), the difficulties of separating wheat from chaff have become clear.
 
16
The new frontiers in DeFi with attendant risks and opportunities are analyzed by Di Noia (2023).
 
17
Avatar is a Sanskrit noun which means descent and refers to the embodiment of a superhuman being. The term was adopted in science fiction and computer games and became world-known with a film of 2009 directed by James Cameron.
 
18
The Guglielmo Marconi University—the first digital university in Italy created in 2004—adopted the Avatar model in 2009–2010. This approach was abandoned after a few years fundamentally because students regarded it as too artificial and expressed a strong preference for virtual classes with “physical” professors and tutors.
 
19
For an investigation and systematization of these issues reference can be made to Pohle and Thiel (2020) and to Cedric Larsen (2022).
 
20
A path-breaking analysis of the strategic relevance of these cyber defense problems was developed—and made publicly available—in the United States (Olagbemiro, 2014).
 
21
Mutatis mutandis, reference must however be made to the positive approach developed by Keynes (1930a, 1930b) in a not dissimilar situation.
 
22
Vladimir Putin is on record for declaring a few years ago that the country becoming the leader in the InS and AI would become the ruler of the world.
 
23
The reader is referred to Panetta (2022a, 2022b) and Di Noia (2023).
 
24
For a detailed survey of these developments see Bains et al. (2022).
 
25
In the case of the EU complications arise because the EU is not a fiscal and political union, and the banking union is still incomplete.
 
26
The likely implications of cross-border CBDCs for international capital flows are examined in Popescu (2022).
 
27
These considerations do not refer to CCs, which, as indicated, do not share some of the features of money.
 
28
A contrary view has been expressed by Crawford et al. (2021). They make the case for expanding access to the Federal Reserve account. FedAccount would be available for all clients. In any event the key question of integration of permissionless digital currencies in CBDC systems remains open.
 
29
In the EU, according to Art. 13 of the Treaty, the institutional framework comprises seven key institutions: the European Parliament, the European Council, the Council, the European Commission, the Court of Justice, the European Central Bank, and the Court of Auditors. Each institution acts within the limits of its remit, granted in the Treaties (EUR-Lex, retrieved 23/01/23). In the United States, see “Tenth Amendment”, Constitution of the United States, https://​ww.​congress.​gov/​.
 
30
A critical survey of current issues and of possible cooperative solutions has been presented by the BIS Innovation Hub (2022).
 
31
Supervisors did not identify vulnerabilities and, in any event, did not take adequate steps. The Economic Growth Regulatory Relief and Consumer Protection Act (2018) weakened regulatory standards compared to the Dodd Frank Act (2010). The EGRRCPA: (i) eliminated the Volker rule for small banks with less than $10 billion and less than 5% in trading assets, (ii) raised the threshold from $50 to 250 billion under which banks are deemed “too big to fail”, and (iii) contributed to a weakening of supervisory policy for mid-size banks and a consensus-driven environment of supervisory teams (Barr, 2023).
 
32
ECB policy rates started rising at the end of 2021, bringing to the end the era of monetary ease and of negative interest rates. The last time the ECB raised policy interest rates had been in July 2011.
 
33
Notably during the nearly ten years from the July 2012 “Whatever it takes”, until end 2021.
 
34
In any event the issue of normalization is much more complex than had been anticipated by central banks. Treasury Secretary Janet Yellen back in 2017, when she was Fed Chair and the buildup of monetary ease was taking place, had explained that the normalization of central bank policy would have created no problem: “it will be as dull as watching paint dry” (reported by Cox, 2017).
 
35
Pelanda (2007) developed a more positive approach on this issue.
 
36
Spearhead of this move was the Silk Road (Belt and Road) Initiative. This politically driven $1 trillion infrastructure project encounters difficulties, largely as a consequence of credit losses amounting to some $80 billion in loans granted by Chinese financial institutions.
 
37
The United States and China have recently publicly indicated that AI advances enabled hyper speed warfare capabilities of their Armies to make quantum jumps, in terms of both hypersonic missiles and drones.
In this perspective the calls for a Bretton Woods conference for cooperation in the world techno-order are extremely relevant.
 
Literatur
Zurück zum Zitat Allison, G. (2017). Destined for war: Can America and China escape Thucydides’s trap? Houghton Mifflin Harcourt. Allison, G. (2017). Destined for war: Can America and China escape Thucydides’s trap? Houghton Mifflin Harcourt.
Zurück zum Zitat Arcelli, A. F., Masera, R., & e Tria, G. (2021). Da Versailles a Bretton Woods e ai giorni nostri: errori storici e modelli ancora attuali per un sistema monetario internazionale sostenibile. Moneta e Credito, 74(96). Arcelli, A. F., Masera, R., & e Tria, G. (2021). Da Versailles a Bretton Woods e ai giorni nostri: errori storici e modelli ancora attuali per un sistema monetario internazionale sostenibile. Moneta e Credito, 74(96).
Zurück zum Zitat Arrow, K. J. (1951, January). An extension of the basic theorems of classical welfare economics. In Proceedings of the second Berkeley symposium on mathematical statistics and probability (Vol. 2, pp. 507–533). University of California Press. Arrow, K. J. (1951, January). An extension of the basic theorems of classical welfare economics. In Proceedings of the second Berkeley symposium on mathematical statistics and probability (Vol. 2, pp. 507–533). University of California Press.
Zurück zum Zitat Arrow, K. (1972). General economic equilibrium: Purpose, analytic techniques, collective choice. In Nobel Prize in economics documents 1972–2, Nobel Prize Committee. Arrow, K. (1972). General economic equilibrium: Purpose, analytic techniques, collective choice. In Nobel Prize in economics documents 1972–2, Nobel Prize Committee.
Zurück zum Zitat Arrow, K. J., & Debreu, G. (1954). Existence of an equilibrium for a competitive economy. Econometrica, 265–290. Arrow, K. J., & Debreu, G. (1954). Existence of an equilibrium for a competitive economy. Econometrica, 265–290.
Zurück zum Zitat Bagehot, W. (1873). Lombard Street. King & Co. Bagehot, W. (1873). Lombard Street. King & Co.
Zurück zum Zitat Bains, P., Ismail, A., Melo, F., & Sugimoto, N. (2022). Regulating the crypto ecosystem: The case of stablecoins and arrangements. FinTech Notes, 2022(008). Bains, P., Ismail, A., Melo, F., & Sugimoto, N. (2022). Regulating the crypto ecosystem: The case of stablecoins and arrangements. FinTech Notes, 2022(008).
Zurück zum Zitat Banca d’Italia (2022). Communication on decentralized technology in finance and crypto-assets. Bank of Italy. Banca d’Italia (2022). Communication on decentralized technology in finance and crypto-assets. Bank of Italy.
Zurück zum Zitat Barr, M. (2023). Review of the Federal reserve’s supervision and regulation of Silicon Valley Bank. Board of Governors of the Federal Reserve System. Barr, M. (2023). Review of the Federal reserve’s supervision and regulation of Silicon Valley Bank. Board of Governors of the Federal Reserve System.
Zurück zum Zitat Bayes, T. (1783). An essay towards solving a problem in the doctrine of chances. Philosophical Transactions of the Royal Society, 53, 370–418. Bayes, T. (1783). An essay towards solving a problem in the doctrine of chances. Philosophical Transactions of the Royal Society, 53, 370–418.
Zurück zum Zitat Bhattacharya, S., et al. (2012). A general equilibrium exploration of Minsky’s financial instability hypothesis. Banque de France. Bhattacharya, S., et al. (2012). A general equilibrium exploration of Minsky’s financial instability hypothesis. Banque de France.
Zurück zum Zitat Biden, J. (2022). Executive order on ensuring responsible development of digital assets. White House. Biden, J. (2022). Executive order on ensuring responsible development of digital assets. White House.
Zurück zum Zitat Boltzmann L. (1898). Lectures on gas theory (Trans by S. Brush 1964). Dover Publications. Boltzmann L. (1898). Lectures on gas theory (Trans by S. Brush 1964). Dover Publications.
Zurück zum Zitat Born, A., et al. (2022a). Decentralized finance—A new unregulated non-bank system. ECB Macroprudential Bulletin, 18. Born, A., et al. (2022a). Decentralized finance—A new unregulated non-bank system. ECB Macroprudential Bulletin, 18.
Zurück zum Zitat Boulding, K. (1970). Economics as a science. Mc Graw Hill. Boulding, K. (1970). Economics as a science. Mc Graw Hill.
Zurück zum Zitat Buiter, W. (2020). Central Banks as fiscal players. Cambridge University Press.CrossRef Buiter, W. (2020). Central Banks as fiscal players. Cambridge University Press.CrossRef
Zurück zum Zitat Capriglione, F. (2021). Fintech e cryptovalute. Associazione Guido Carli e Dentons. Capriglione, F. (2021). Fintech e cryptovalute. Associazione Guido Carli e Dentons.
Zurück zum Zitat Capriglione, F., & Lemma, V. (2023). The adoption of digital euro: Problems and perspectives. In Savona 2023a, forthcoming. Capriglione, F., & Lemma, V. (2023). The adoption of digital euro: Problems and perspectives. In Savona 2023a, forthcoming.
Zurück zum Zitat Carli, G. (Ed.). (1972). A debate on the Eurodollar market. Ente Luigi Einaudi. Carli, G. (Ed.). (1972). A debate on the Eurodollar market. Ente Luigi Einaudi.
Zurück zum Zitat Carney, M. (2019). Speech at the Mentions House. Bank of England. Carney, M. (2019). Speech at the Mentions House. Bank of England.
Zurück zum Zitat CERN. (2022). A short history of the Web. CERN. CERN. (2022). A short history of the Web. CERN.
Zurück zum Zitat Chaum, D., et al. (2021). How to issue a Central Bank digital currency. SNB. Chaum, D., et al. (2021). How to issue a Central Bank digital currency. SNB.
Zurück zum Zitat Chellappa, R. (1997). Intermediaries in cloud-computing: A new computing paradigm. INFORMS, Dallas. Chellappa, R. (1997). Intermediaries in cloud-computing: A new computing paradigm. INFORMS, Dallas.
Zurück zum Zitat Conway, L. (2022). Proof-of-work vs. proof-of-stake. Blockworks. Conway, L. (2022). Proof-of-work vs. proof-of-stake. Blockworks.
Zurück zum Zitat Crawford, J., Menand, L., & Ricks, M. (2021). FedAccounts: digital dollars. The George Washington Law Review, 89, 113. Crawford, J., Menand, L., & Ricks, M. (2021). FedAccounts: digital dollars. The George Washington Law Review, 89, 113.
Zurück zum Zitat De Larosière, J. (2009, February). High-level group on financial supervision in the EU, report. Brussels. De Larosière, J. (2009, February). High-level group on financial supervision in the EU, report. Brussels.
Zurück zum Zitat Di Noia, C. (2023). Decentralized finance. Consob. Di Noia, C. (2023). Decentralized finance. Consob.
Zurück zum Zitat Dodd Frank Act. (2010). US Congress Gov. Dodd Frank Act. (2010). US Congress Gov.
Zurück zum Zitat Dominguez, D., & Flores, R. (2018). Global governance. In Oxford Research Encyclopedia of International Studies. Dominguez, D., & Flores, R. (2018). Global governance. In Oxford Research Encyclopedia of International Studies.
Zurück zum Zitat EU Consilium. (2022, June 30). Digital finance agreement on MICA. Press Release. EU Consilium. (2022, June 30). Digital finance agreement on MICA. Press Release.
Zurück zum Zitat Fisher, I. (1930). The theory of interest. Macmillan. Fisher, I. (1930). The theory of interest. Macmillan.
Zurück zum Zitat Floridi, L. (2014). The fourth revolution: How the infosphere is reshaping human reality. Oxford University Press. Floridi, L. (2014). The fourth revolution: How the infosphere is reshaping human reality. Oxford University Press.
Zurück zum Zitat Friedman, M. (1968). The role of monetary policy. The American Economic Review, 58(1). Friedman, M. (1968). The role of monetary policy. The American Economic Review, 58(1).
Zurück zum Zitat Genghini, R. (2021). Digital new deal. Cedam. Genghini, R. (2021). Digital new deal. Cedam.
Zurück zum Zitat Georgieff, A., & Hyee, R. (2021). Artificial intelligence and employment: New cross-country evidence. OECD. Georgieff, A., & Hyee, R. (2021). Artificial intelligence and employment: New cross-country evidence. OECD.
Zurück zum Zitat Glen Weyl, E., et al. (2022). Decentralized society: Finding Web3’s Soul, SSRN. Glen Weyl, E., et al. (2022). Decentralized society: Finding Web3’s Soul, SSRN.
Zurück zum Zitat Guriev, S., & Treisman, D. (2022). Spin dictators: The changing face of tyranny in the 21 century. Princeton University Press.CrossRef Guriev, S., & Treisman, D. (2022). Spin dictators: The changing face of tyranny in the 21 century. Princeton University Press.CrossRef
Zurück zum Zitat Hermans, L., Ianiro, A., Kochanska, U., Törmälehto, V. M., van der Kraaij, A., & Simón, J. M. V. (2022). Decrypting financial stability risks in crypto-asset markets. Financial Stability Review, 1. Hermans, L., Ianiro, A., Kochanska, U., Törmälehto, V. M., van der Kraaij, A., & Simón, J. M. V. (2022). Decrypting financial stability risks in crypto-asset markets. Financial Stability Review, 1.
Zurück zum Zitat Von Hayek, F. A. (1948). The meaning of competition. University of Chicago Press. Von Hayek, F. A. (1948). The meaning of competition. University of Chicago Press.
Zurück zum Zitat Von Hayek, F. A. (1994). Hayek on Hayek: An autobiographical dialogue. University of Chicago Press. Von Hayek, F. A. (1994). Hayek on Hayek: An autobiographical dialogue. University of Chicago Press.
Zurück zum Zitat Hicks, J. R. (1969). A theory of economic history. Oxford University Press. Hicks, J. R. (1969). A theory of economic history. Oxford University Press.
Zurück zum Zitat Hicks, J. R. (1974). Crisis in Keynesian economics. Basil Blackwell. Hicks, J. R. (1974). Crisis in Keynesian economics. Basil Blackwell.
Zurück zum Zitat Hicks, J. R. (1979). Causality in economics. Basil Blackwell. Hicks, J. R. (1979). Causality in economics. Basil Blackwell.
Zurück zum Zitat Hull, J. (2021). Machine learning in business. Independently Published. Hull, J. (2021). Machine learning in business. Independently Published.
Zurück zum Zitat Issing, O. (2008). The birth of the Euro. Cambridge University Press. Issing, O. (2008). The birth of the Euro. Cambridge University Press.
Zurück zum Zitat Kay, J., & King, M. (2020). Radical uncertainty: Decision-making for an unknowable future. Bridge Street Press. Kay, J., & King, M. (2020). Radical uncertainty: Decision-making for an unknowable future. Bridge Street Press.
Zurück zum Zitat Kerner, S. (2022). Web 2.0 vs. Web 3.0, TechTarget. Kerner, S. (2022). Web 2.0 vs. Web 3.0, TechTarget.
Zurück zum Zitat Keynes, J. M. (1919). The economic consequences of the peace. Macmillan. Keynes, J. M. (1919). The economic consequences of the peace. Macmillan.
Zurück zum Zitat Keynes, J. M. (1921). A treatise on probability. Macmillan. Keynes, J. M. (1921). A treatise on probability. Macmillan.
Zurück zum Zitat Keynes, J. M. (1922). A revision of the treaty. Macmillan. Keynes, J. M. (1922). A revision of the treaty. Macmillan.
Zurück zum Zitat Keynes, J. M. (1923). A tract on monetary reform. Macmillan. Keynes, J. M. (1923). A tract on monetary reform. Macmillan.
Zurück zum Zitat Keynes, J. M. (1926). The end of laissez-faire. Hogarth Press. Keynes, J. M. (1926). The end of laissez-faire. Hogarth Press.
Zurück zum Zitat Keynes, J. M. (1930a). A treatise on money. Cambridge University Press. Keynes, J. M. (1930a). A treatise on money. Cambridge University Press.
Zurück zum Zitat Keynes, J. M. (1930b). Economic possibilities for our grandchildren, essays in persuasion. Norton. Keynes, J. M. (1930b). Economic possibilities for our grandchildren, essays in persuasion. Norton.
Zurück zum Zitat Keynes, J. M. (1936). The general theory. Macmillan. Keynes, J. M. (1936). The general theory. Macmillan.
Zurück zum Zitat King, M. (2016). The end of alchemy: Money. Little Brown. King, M. (2016). The end of alchemy: Money. Little Brown.
Zurück zum Zitat King, M. (2021). Monetary policy in a world of radical uncertainty. Institute of International Monetary Research. King, M. (2021). Monetary policy in a world of radical uncertainty. Institute of International Monetary Research.
Zurück zum Zitat Knight, F. H. (1921). Risk, uncertainty and profit. Houghton Mifflin. Knight, F. H. (1921). Risk, uncertainty and profit. Houghton Mifflin.
Zurück zum Zitat Laplace, P. (1812). Theorie analytique des probabilités. Courcier. Laplace, P. (1812). Theorie analytique des probabilités. Courcier.
Zurück zum Zitat Lemma, V. (2022). La regolazione delle cryptovalute tra trasparenza e stabilità, Workshop on Cryptocurrencies. Associazione Guido Carli e Fondazione De Gasperi. Lemma, V. (2022). La regolazione delle cryptovalute tra trasparenza e stabilità, Workshop on Cryptocurrencies. Associazione Guido Carli e Fondazione De Gasperi.
Zurück zum Zitat Machina, M., & Viscusi, K. (2014). Handbook of the economics of risk and uncertainty. Elsevier. Machina, M., & Viscusi, K. (2014). Handbook of the economics of risk and uncertainty. Elsevier.
Zurück zum Zitat MacNamara, C. (2019). Power in cyberspace. Dissertation, Queen’s University Belfast. MacNamara, C. (2019). Power in cyberspace. Dissertation, Queen’s University Belfast.
Zurück zum Zitat Marcuzzo, M. C., & Sanfilippo, E. (2022). Keynes as a trader in commodity futures. In Financial markets in perspective: Lessons from economic history and history of economic thought (pp. 61–81). Springer International Publishing. Marcuzzo, M. C., & Sanfilippo, E. (2022). Keynes as a trader in commodity futures. In Financial markets in perspective: Lessons from economic history and history of economic thought (pp. 61–81). Springer International Publishing.
Zurück zum Zitat Masera, R. S. (1972). Deposit creation, multiplication and the Euro-dollar market: A debate on the Eurodollar market. Quaderni di Ricerche, 11. Masera, R. S. (1972). Deposit creation, multiplication and the Euro-dollar market: A debate on the Eurodollar market. Quaderni di Ricerche, 11.
Zurück zum Zitat Masera, R. (Ed.). (2009). The great financial crisis. Bancaria Editrice. Masera, R. (Ed.). (2009). The great financial crisis. Bancaria Editrice.
Zurück zum Zitat Masera, R. (2018). Political economy of liquidity: The European economic and Monetary Union. In The Palgrave handbook of political economy (pp. 489–528). Masera, R. (2018). Political economy of liquidity: The European economic and Monetary Union. In The Palgrave handbook of political economy (pp. 489–528).
Zurück zum Zitat Masera, R. (2020). Leverage and risk weighted capital requirements. IUP Journal of Bank Management, 19(1), 7–57. Masera, R. (2020). Leverage and risk weighted capital requirements. IUP Journal of Bank Management, 19(1), 7–57.
Zurück zum Zitat Masera, R. (2022a). Nuovi rischi e regolazione delle criptovalute. Bancaria, 78(3), 5–11. Masera, R. (2022a). Nuovi rischi e regolazione delle criptovalute. Bancaria, 78(3), 5–11.
Zurück zum Zitat Masera, R. (2022b). Le criptovalute e l’infosfera: sfide e opportunità per le banche. Convegno “Le Criptovalute”, Associazione Guido Carli, Unimarconi, Università Parthenope. Masera, R. (2022b). Le criptovalute e l’infosfera: sfide e opportunità per le banche. Convegno “Le Criptovalute”, Associazione Guido Carli, Unimarconi, Università Parthenope.
Zurück zum Zitat Masera, R. (2023). The challenges eurozone stagflation poses for households, businesses and high debt countries: Some possible solutions. International Economics, forthcoming. Masera, R. (2023). The challenges eurozone stagflation poses for households, businesses and high debt countries: Some possible solutions. International Economics, forthcoming.
Zurück zum Zitat Mishra, D. (2014). Cloud computing: The era of virtual world opportunities and risks involved. International Journal of Computer Science Engineering (IJCSE), 3(4), 204–209. Mishra, D. (2014). Cloud computing: The era of virtual world opportunities and risks involved. International Journal of Computer Science Engineering (IJCSE), 3(4), 204–209.
Zurück zum Zitat Musik, C., & Bogner, A. (Eds.). (2019). Digitalization and society. Springer. Musik, C., & Bogner, A. (Eds.). (2019). Digitalization and society. Springer.
Zurück zum Zitat Nato. (2022). Cyber defence. Nato Review. Nato. (2022). Cyber defence. Nato Review.
Zurück zum Zitat Neumann, J., & Burks A. (1966). Theory of self-reproducing automata. Illinois University Press. Neumann, J., & Burks A. (1966). Theory of self-reproducing automata. Illinois University Press.
Zurück zum Zitat Paganetto, L. (Ed.). (2022). Equità e sviluppo. Unilink University Press. Paganetto, L. (Ed.). (2022). Equità e sviluppo. Unilink University Press.
Zurück zum Zitat Pelanda, C. (2007). The grand alliance. Franco Angeli. Pelanda, C. (2007). The grand alliance. Franco Angeli.
Zurück zum Zitat Petrocelli, M. (2022). Coscienza Digitale. Lastaria Ed. Petrocelli, M. (2022). Coscienza Digitale. Lastaria Ed.
Zurück zum Zitat Popper, K. (1934). The logic of scientific recovery. Routledge. Popper, K. (1934). The logic of scientific recovery. Routledge.
Zurück zum Zitat Preziosa, P., & Velo, D. (2019). La difesa dell’Europa. Cacucci ed. Preziosa, P., & Velo, D. (2019). La difesa dell’Europa. Cacucci ed.
Zurück zum Zitat Rodrik, D. (2017). Straight talk on trade: Ideas for a sane world economy. Princeton University Press. Rodrik, D. (2017). Straight talk on trade: Ideas for a sane world economy. Princeton University Press.
Zurück zum Zitat Rossano, D. (2021). L’intelligenza artificiale: ruolo e responsabilità dell’uomo nei processi applicativi. Rivista Trimestrale di Diritto dell’Economia, Supplemento al no. 3. Rossano, D. (2021). L’intelligenza artificiale: ruolo e responsabilità dell’uomo nei processi applicativi. Rivista Trimestrale di Diritto dell’Economia, Supplemento al no. 3.
Zurück zum Zitat Russell, S., & Norvig, P. (2021). Artificial intelligence: A modern approach. Pearson. Russell, S., & Norvig, P. (2021). Artificial intelligence: A modern approach. Pearson.
Zurück zum Zitat Savona, P. (2016). Dalla fine del laissez-faire alla fine della liberal-democrazia. Rubbettino Ed. Savona, P. (2016). Dalla fine del laissez-faire alla fine della liberal-democrazia. Rubbettino Ed.
Zurück zum Zitat Savona, P. (2022b). Laudatio Lord Mervyn King of Lothbury. Guido Carli ‘Bancor Prize’, Rome Savona, P. (2022b). Laudatio Lord Mervyn King of Lothbury. Guido Carli ‘Bancor Prize’, Rome
Zurück zum Zitat Savona, P., & Maccario, A. (1998). On the relation between money and derivatives and its application to the international monetary market. Open Economies Review, 9, 637–664.CrossRef Savona, P., & Maccario, A. (1998). On the relation between money and derivatives and its application to the international monetary market. Open Economies Review, 9, 637–664.CrossRef
Zurück zum Zitat Savona, P. and Vanorio, F. (2023). Geopolitica dell’Infosfera. Rubbettino Ed. Savona, P. and Vanorio, F. (2023). Geopolitica dell’Infosfera. Rubbettino Ed.
Zurück zum Zitat Schoenmaker, D. (1996). Contagion risk in banking. JOUR, I, 86–104. Schoenmaker, D. (1996). Contagion risk in banking. JOUR, I, 86–104.
Zurück zum Zitat Smith, A. (1776). An inquiry into the nature and causes of the wealth of nations. Strahan and Cadel. Smith, A. (1776). An inquiry into the nature and causes of the wealth of nations. Strahan and Cadel.
Zurück zum Zitat Tavlas, G. (2020). On the controversy over the origins of the Chicago plan for the 100 per cent reserves. Bank of Greece. Tavlas, G. (2020). On the controversy over the origins of the Chicago plan for the 100 per cent reserves. Bank of Greece.
Zurück zum Zitat Tobin, J. (1981). Money and finance in the macro-economic process. Nobel Prize in Economics documents, No 1981–1. Tobin, J. (1981). Money and finance in the macro-economic process. Nobel Prize in Economics documents, No 1981–1.
Zurück zum Zitat Tria, G., Arcelli, A. F., & Federico, A. (2022). Blockchain technology and crypto-assets as a new form of payment tool. CIGI and Oliver Wyman. Tria, G., Arcelli, A. F., & Federico, A. (2022). Blockchain technology and crypto-assets as a new form of payment tool. CIGI and Oliver Wyman.
Zurück zum Zitat Venn, J. (1880). I. On the diagrammatic and mechanical representation of propositions and reasonings. The London, Edinburgh, and Dublin Philosophical Magazine and Journal of Science, 10(59), 1–18. Venn, J. (1880). I. On the diagrammatic and mechanical representation of propositions and reasonings. The London, Edinburgh, and Dublin Philosophical Magazine and Journal of Science, 10(59), 1–18.
Zurück zum Zitat Walras, L. (1874). Éléments d'économie politique pure. Corbaz; English translation from the 1926 ed., Elements of pure economics (W. Jaffé, Ed.). Irwin Inc. 1954. Walras, L. (1874). Éléments d'économie politique pure. Corbaz; English translation from the 1926 ed., Elements of pure economics (W. Jaffé, Ed.). Irwin Inc. 1954.
Zurück zum Zitat Żuchowski, I., Capriglione, F., Casalino, N., & Skrodzki, I. (2022). Crypto assets, decentralized autonomous organizations and uncertainties of distributed ledger technologies. Law and Economics Yearly Review Journal-Leyr, 11(1), 123–155. Żuchowski, I., Capriglione, F., Casalino, N., & Skrodzki, I. (2022). Crypto assets, decentralized autonomous organizations and uncertainties of distributed ledger technologies. Law and Economics Yearly Review Journal-Leyr, 11(1), 123–155.
Metadaten
Titel
Economics and Money. Political and Epistemological Perspectives of Connecting and Fault Lines: A Fil Rouge from Keynes to Digitization
verfasst von
Rainer Stefano Masera
Copyright-Jahr
2023
DOI
https://doi.org/10.1007/978-3-031-38708-1_2