By Paul Wilmott, Jeff Dewynne, Sam Howison
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1 The “primary concept of a Theory of Money” is money of account, to quote Keynes (1930 : 1). The emphasis on money as money-of-account naturally leads to questions about the authority that underlies it. In fact, if money arose out of simple convenience, that would imply that private agents agreed to a common standard of accounting for value: but why would they not privilege whatever good they were most endowed with instead (Ingham 1996)? Simmel provides a useful answer, one that neochartalists emphasize over the more cultural understandings of money as a leveler of social distinctions that I discussed briefly above.
Yet these disagreements are only on the surface about the fungibility money. Both neochartalists and relational analysts emphasize that social and political processes underlie the ability of money to function as a more or less homogenizing currency. Neither theory begins with the assumption that money has some intrinsic power to it to which the authority of the state or the relational processes of the circuits that use it are external. The disagreement between the two theories is about which level of analysis is most appropriate for an understanding of money.
The immediate objection to this argument is that there is a world out there the judgment of which gives bankers the ability to lend appropriately. This is the second line of inquiry opened up by the debunking of the myth of banks as institutions of intermediation. To this myth of creditworthiness we now turn. The Myth of Creditworthiness What I call the “myth of creditworthiness” is the idea that creditworthiness is a neutral and objective system, through which creditors assess whether borrowers can pay back the loans they owe.
Option pricing by Paul Wilmott, Jeff Dewynne, Sam Howison