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- W2493653928 abstract "Economic value, despite its mathematical appearance, is a kind of social power arising from the collective belief in a monetary object. By creating a common interest, the desire for money, value brings formerly isolated individuals together. A currency amounts at bottom to a promise of liquidity—hence the importance of confidence and trust in commercial affairs. The phenomenon of credit is examined with reference to Simmel, and the common emotion it presupposes is interpreted in terms of Spinoza's concept of power of the multitude. Durkheim's analysis of shared belief is important for identifying the link with religion. The liberal conception of money is criticized, and further evidence of the connection with religion found in the historical genesis of currencies and so-called monetary miracles. The idea of a fundamental value—of a “true” or “correct” price—no longer has any place in economic theory because it has been detached from price." @default.
- W2493653928 created "2016-08-23" @default.
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- W2493653928 date "2014-06-30" @default.
- W2493653928 modified "2023-10-08" @default.
- W2493653928 title "A New Approach to Value" @default.
- W2493653928 doi "https://doi.org/10.7551/mitpress/9780262026970.003.0006" @default.
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