Philosophy of Money

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Philosophy of Money

This article is an attempt to sketch a philosophical view of money as a social phenomenon. I show that the way to understand the substance of money is to analyze its meaning as a medium of exchange in connection with its meaning as a purpose of exchange, thereby providing an investigation of its social value. This approach has been used by many of the great philosophers and economists of the past, but not today. Modern economics is a policy oriented theoretical discipline and concentrates its efforts on solving practical tasks. I hope to contribute a philosophical approach to economic research.

Money is a reality, a permanent feature of our everyday lives. It gives our lives a particular rhythm, a particular «charm», a particular perception of the world and our place in it.

Money creates problems when we do not have it, and yet more problems when we do have it. But it is only an illusion that we are in control of our money: in actual fact we do not notice how subtly and intensively it exercises control over us.

Money makes us both master and slave. Our power over money is real only inasmuch as we are able to understand its power over us.

Man has sought to understand the essence of money for many centuries. Philosophers and economists, statesmen, writers, even poets have written about money. (1) Money has been lauded and cursed, it has been dreamed of and disdained. What is money - good or evil? It brings stability and instability and makes people looking for and running away from it. Money is capable of creating and destroying, of uniting and disuniting. It makes people partners and rivals and can influence the fate of individuals and whole nations. But what does money bring - freedom or depende...

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(13) «The ideal purpose of money, as well as of the law, is to be a measure of things without being measured itself, a purpose that can be realized fully only by an endless development». (G.Simmel. The Philosophy of Money/ Ed. by D.Frisby.- L., N.Y.: Routledge. 1995, p.511)

(14) «Exchange» is here treated in its broadest sense as the alienation of all that man gives to society and the appropriation of all that he receives from society.

(15) G.Simmel. The Philosophy of Money./ Ed. By D.Frisby.- L.., N.Y.: Routledge, 1995

(16) We agree that fundamental theoretical research in economics cannot be effective without philosophy. «What are the prospects for bridging disciplinary boundaries and for strengthening the collaboration between economists and philosophers?» (D.Hausman.Essays on philosophy and economic methodology.-Cambridge University Press.1992, p.230)

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