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Papers by Liviu Catalin Andrei

In 1961, in the earlier stage of the European integration, Bela Balassa proposed a five successiv... more In 1961, in the earlier stage of the European integration, Bela Balassa proposed a five successive phase model about it as a foresight. Today, the half century experience on integration and corresponding literature issued just lets us see rather two big phases (instead of five). The one would be the incipient integration, that came to enlarge the economic openness and internationalization and shaped on: (i) free trade area (FTA) and (ii) customs union; the other would be the advanced integration, in which internationalization would be replaced by the unique-common market and other two commandments would replace or just reshape the older FTA and customs union into: (iii) economic convergence and (iv) optimal currency area. This paper limits its focus on the optimum currency area (OCA), its current description-analysis in the literature and condition inside the EU.

The purpose of this article is to empirically analyze the long and short runs association of some... more The purpose of this article is to empirically analyze the long and short runs association of some macroeconomic variables in Romania. Variables used across regression include foreign direct investments (FDI), imports, exports, GDP and labour and we also take into account some economic and financial crisis' influence on these. In order to establish this influence, a dummy was used for the 2008-2012 intsb erval. Then, all variables were found to be integrated of order one I (I). Cointegration was performed under Johansen test and a VECM was applied according to its result. Our model results point on the association between variables on both long and short runs. Then, Granger test under VECM was equally applied in order to establish the uni-or bi-directional causality between variables. We found that the economic crisis actually caused significant influence on FDI, imports, exports and GDP and rather no influence on labor, as reliable resource. Here introduce the paper, and put a nomenclature if necessary, in a box with the same font size as the rest of the paper. The paragraphs continue from here and are only separated by headings, subheadings, images and formulae. The section headings are arranged by numbers, bold and 10 pt. Here follows further instructions for authors.

Money is all 'everyday' money, Biblical issue and a pure concept to study. This is so that in its... more Money is all 'everyday' money, Biblical issue and a pure concept to study. This is so that in its depth money is suspected in the literature to be a double controversial essence, i.e. (1) representative and (2) fiat, both of these rather philosophically and morally vulnerable. Thirdly, then historically sometimes one of these two dominated the other (e.g. representative money under primitive monetary systems and gold standard) ; other times it even seams that one of them (e.g.. representative money, after the last World War) has disappeared and leaved the scene. Besides, there were international monetary systems (IMS) that came up and went off; the last one that was European (i.e. the EMS, 1979-1999) was followed by the unique 'common currency' of a multi-country region. Briefly, our proposal here is for revealing new issues and aspects that equally lie around, although less seen or even unseen, whereas they actually reflect both that we know more today than in the past and that money are likely to reiterate stories from the same past that keep familiar. Our findings might be: a third money concept zone, besides representative and fiat, i.e. money neutrality, the old story of barter, as pre-money, renewed, the famous gold standard, reviewed as the 'top advanced' barter episode, theories of international monetary system(IMS) and optimum currency area (OCA) face to face, and ultimately some more defies for the European common currency.

Introduction/ Paper abstract This is the start of a series of articles on foreign direct investme... more Introduction/ Paper abstract This is the start of a series of articles on foreign direct investments (FDI) topic. Here recall a doctoral thesis 3 and a postdoctoral paper 4 involved, both debating about FDI 5. First of all, the FDI origin was there about three groups of theories, the (a) international trade based one (i.e. works of David Ricardo and Neoclassic Synthesis/HOS), the (b) product life cycle one (i.e. works of Robert Vernon 6) and the so-called (c) 'eclectic paradigm' (i.e. John Dunning 7) treating from the viewpoint of enterprise (i.e. microeconomic) development up to its international implemented stage. And the last might have continued on a large diversity of theories on multinationals. Our paper will here below approach a new view point, much simpler, i.e. on FDI flows and stocks at the international scale, as exclusively. This simple description will though challenge the above theories and first by a picture and a few facts reflecting description on all understanding. Theories above might see some of their conclusions here and there completed and/or even contradicted by this paper in context.

World Foreign Direct Investments (FDI): The Eurasian Continent or a Kind of Autonomous Capital Ma... more World Foreign Direct Investments (FDI): The Eurasian Continent or a Kind of Autonomous Capital Market Paper abstract: This below paper studies the international directly invested capital and develops on coordinates already drawn by previous working papers seeing facts developed at the world scale. Our previous findings will here reach a new one regarding Europe and Asia, i.e. Eurasia continental block, which isn't quite a region, as in our previous papers, but contains some unexpected and interesting specific features. Key concepts: foreign direct investments (FDI), direct investments abroad (DIA), (world) regions, international capital, capital flows/stocks, FDI stocks balance, top investor country, top capital majority country

Rezumat. Ne obsedează criza economică actuală? Este normal. Dar de ce şi actualitatea? Bunăoară, ... more Rezumat. Ne obsedează criza economică actuală? Este normal. Dar de ce şi actualitatea? Bunăoară, fenomenele economice de actualitatea zilei le vom vedea cel mai bine peste câţiva ani. Apoi, până nu demult credeam că marea criză din 1929-1933 nu se va reitera vreodată, întrucât învăţămintele ei asupra implicării statului şi politicilor în economie îşi fac datoria. Nu a fost aşa poate pentru motivul că învăţămintele ar fi fost mult mai largi şi ar fi rămas (nişte) necunoscute. Poate nici nu a fost aceasta prima mare criză din economia planetei, dar, vedeţi, din nou refuzăm să scrutăm şi mai departe în istorie. Să încercăm măcar aici (în cele de mai jos) să o facem. Şi poate…

Rezumat. Tezele expuse sunt, în ordine: I. Există integrare "incipientă" şi integrare "avansată";... more Rezumat. Tezele expuse sunt, în ordine: I. Există integrare "incipientă" şi integrare "avansată"; II. "Schiţa" integrării se schimbă; III. Există şi "a doua economie europeană"; IV. Politica agricolă comunitară (PAC), "punerea în abis" a integrării, ca "totalitate"; V. Convergenţa economiilor naţionale "descifrează" condiţia Uniunii; VI. Bugetul UE, o miză politică şi strategică!? VII. Sistemul Monetar European (SME), un alt paradox; VIII. Economia publică, un "spin în ochii" pieţei unice; IX. Integrarea economică, forţată să fie un exemplu al "jumătăţilor de măsură"; X. Dincolo de orice euroscepticism, fără (nevoia de) integrare ar fi fost mai bine. Şi vin să ofere imaginea unui proces integraţionist de peste o jumătate de secol care face sau nu Europa să fie... "altceva" decât restul lumii, nu neapărat mai dezvoltat sau mai prosper, aşa cum eram obişnuiţi să clasificăm până acum.

Mult mai degraba o abordare curajoasa si actual(ist)a, decat una academica si astfel 'bine fo... more Mult mai degraba o abordare curajoasa si actual(ist)a, decat una academica si astfel 'bine formulata'. Sau cele doua parti distincte ale articolului inseamna alta abordare; in final, insa, aceasta disciplina incomoda studentilor se dovedeste ceea ce nimeni nu credea: un adevarat 'erou dramatic', un campion vazandu-se tot timpul obligat sa isi puna titlul in joc. Astfel, intr-o zi chiar va pierde si, poate...va pieri.

n 1961, in the earlier stage of the European integration, professor Bela Balassa proposed a five ... more n 1961, in the earlier stage of the European integration, professor Bela Balassa proposed a five successive phase model. Today, the half century experience on integration and
corresponding literature issued lets us see rather two big phases (instead of five). The one would be the incipient integration, that came to enlarge the economic openess and
internationalization and shaped: (i) free trade area (FTA) and (ii) customs union; the other would be the advanced integration, in which internationalization would be replaced by the unique-common market and other two commandments would replace or just reshape the older
FTA and customs union into: (iii) economic convergence and (iv) optimal currency area.
The last two will be emphasized by our paper, as for their current description-analysis in the literature.

Prezenta recenzie de eveniment reprezintă traducerea şi sinteza-ordonarea punctelor de vede... more Prezenta recenzie de eveniment reprezintă traducerea şi sinteza-ordonarea punctelor de vedere ale unei dezbateri găzduite de publicaţia Departamentului „Politici Economice şi Ştiinţifice” al Directoratului General pentru Politici Interne al Parlamentului European, dezbatere cu tematica
numărului de faţă al publicaţiei noastre, respectiv „Criza din Zona Euro”. Ceea ce am urmărit îndeosebi a fost redarea
unei explicaţii avizate şi complete atât a evenimentelor, cât şi a înţelegerii lor în interiorul Uniunii Europene.

I prefer to reconsider once again our larger paper published earlier this year 1 , as we did it a... more I prefer to reconsider once again our larger paper published earlier this year 1 , as we did it already for at least three of its revealed correlations: between nominal GDP and both monetary reserves and money supply (Andrei & Andrei 2014a, b) and between money multiplier and velocity (Andrei 2014), this time for something within our database (i.e. the Federal Reserves of Saint Lois State/FRED) that regards the inflation rate from nearby. Following our basic paper reference’s basics, inflation might be proper to both representative and fiat monies, but more deeply to the latter, although
both monies again keep either the money supply and reserves as components. On the other hand, the same inflation is a so reach topic for theorists of all groups of thinking,
e.g. there are some that identify it out of just money origins.
This paper below tries to explain a monetary inflation mechanism in normal (out of
crisis) environment.

Quantitative theory of money appears as having the most to say about the today money -- e.g. thi... more Quantitative theory of money appears as having the most to say
about the today money -- e.g. this is a genuinely and largely developed and even
developing theory of economics, a theory searching for relating the money base
to real economy (i.e. national product or income) plus it verifies, as its basic
equation (MV = PT) on long term, despite that, there is another theoretical
context putting this into a very shadow -- i.e. the polemics of money being: (a)
representative, versus (b) fiat -- since this last polemics succeeds to push the
quantitative theory off impartiality. But there is an opposite sense tendency as
well and concomitantly: leaving this partisanship for something to be called
money neutrality.

In 1961, in the earlier stage of the European integration, Bela Balassa proposed a five successiv... more In 1961, in the earlier stage of the European integration, Bela Balassa proposed a five successive phase model about it as a foresight. Today, the half century experience on integration and corresponding literature issued just lets us see rather two big phases (instead of five). The one would be the incipient integration, that came to enlarge the economic openness and internationalization and shaped on: (i) free trade area (FTA) and (ii) customs union; the other would be the advanced integration, in which internationalization would be replaced by the unique-common market and other
two commandments would replace or just reshape the older FTA and customs union into: (iii) economic convergence and (iv) optimal currency area. This paper limits its focus on the economic convergence, its current description-analysis in the literature and condition inside the EU.

he European economic integration started in the aftermath of the World War II, but its specific m... more he European economic integration started in the aftermath of the World War II, but its specific monetary story just since 1971. The European Community here made history by her performing, as real lessons of the monetary topic area, but despite this the whole history of money world-wide is much longer than that. The aspect emphasized and developed in this paper will be, however, the one that the “Monetary
Snake”(1971), European Monetary System (EMS/1979) and even the current Euro currency seem to have resulted from a deep monetary crisis world-wide. Not being “euro-skeptical”, we conclude that all these could be missed in exchange of a plus of welfare.

This paper below tries rather a courageous approach to the topic of economics, as updated, than a... more This paper below tries rather a courageous approach to the topic of economics, as updated, than an academic
formulation. Actually, there are two Parts, for two different approaches through which this “old’ and uncomfortable
topic for all students and learners reveals as a really dramatic character: a “champion permanently (re)playing its
own title”, the one who could lose all he has and get off the scene one day

The obsession about the current economic crisis is pretty understandable. But being obsessed abou... more The obsession about the current economic crisis is
pretty understandable. But being obsessed about the current
moment, in the economic crisis matter, might become a scientific mistake. As for instance, the real results of the current period will be available in just a couple of years. Moreover, we used to believe up to recently that the previous big crisis of 1929-1933 might be nearly an accident and would not repeat, due to its lesson applied: the policy makers made functional, vigilant, diligent and acting.
May be such a lesson was not enough. But equally, every crisis would claim a specific lesson of this kind, and the present one would do the same, whereas the 1929-1933 and current crises lessons would not be enough, partly because the economic history has more in such a topic area. In other words, let us more deeply search for crisis elements in the world economic history.

he applied economics understands the concept of money nearly exclusively through the quantitative... more he applied economics understands the concept of money nearly exclusively through the quantitative theory, which certainly remains one of the greatest theories in this topic area. On the other hand, the history of money – be it old or contemporary -- finds two other “non-quantitative” theories as more relevant in the respect that they are able
to “cover” this history – these are representative and fiat money. Then, there comes the interesting point: this history “covered”, meaning a full explaining of facts would be made by the two theories and images of the same money just “together”—which is impossible in basic good sense
terms, as money (as anything else) cannot be real and fictitious value in the same time.

Theoretical and Applied Economics

A crisis that is currently stiffing the Euro Zone does equally suspend and shadows the debate on ... more A crisis that is currently stiffing the Euro Zone does equally suspend and shadows the debate on the European integration, that actually remains a different issue and, why not, still useful. This integration needs some more corrections: the old model revising, updating or
re-adapting to a new reality and answers to questions sticking around this crisis. Reassessing specific concepts just starts here.

Books by Liviu Catalin Andrei

Editions Univerrsitaires Europeenes, 2020

Les théories des investissements étrangers directs (IED) tentent de nous expliquer d’où, éxacteme... more Les théories des investissements étrangers directs (IED) tentent de nous expliquer d’où, éxactement, ces IED viennent. C’est toute une diversité d’origines qu ‘elles nous montrent du doigt. Plus, cela s’ajoute à la « qualité de théorie », quelque chose qui veut dire : « Moi, je pense que... »
Nous voila donc sur les lieux de cet ouvrage, où l’on découvre tout de suite qu’on se sentiraît beaucoup mieux si on était dès le début de toute démarche sur les IED en possession d’une règle générale dont on puisse jamais distinguer sur ce que est la « substance commune» à ceux’çi partout dans le monde. Pour qu’on puisse comparer partout des transactions entre elles dans différents pays, ainsi que dans le temps. Les IED aussi ont besoin d’une sorte de « vérité scientifique unique », au lieu des conclusions séparées par pays et par régions.

LAP Lambert, Germany

This study focuses on the international direct investments world flows along the 1990-2015 year i... more This study focuses on the international direct investments world flows along the 1990-2015 year interval with some interesting conclusions on: world top FDI countries, how the international capital works on these specific flows, how does any country join this part of the world capital market and so on.

In 1961, in the earlier stage of the European integration, Bela Balassa proposed a five successiv... more In 1961, in the earlier stage of the European integration, Bela Balassa proposed a five successive phase model about it as a foresight. Today, the half century experience on integration and corresponding literature issued just lets us see rather two big phases (instead of five). The one would be the incipient integration, that came to enlarge the economic openness and internationalization and shaped on: (i) free trade area (FTA) and (ii) customs union; the other would be the advanced integration, in which internationalization would be replaced by the unique-common market and other
two commandments would replace or just reshape the older FTA and customs union into: (iii) economic convergence and (iv) optimal currency area. This paper limits its focus on the economic convergence, its current description-analysis in the literature and condition inside the EU.

Theoretical and Applied Economics

Editions Univerrsitaires Europeenes, 2020

LAP Lambert, Germany

LAP Lambert , 2019

The economists’ and political philosophers’ ideas, which look right even when wrong, are even str... more The economists’ and political philosophers’ ideas, which look right even when wrong, are even stronger than ever thought about so far. These, plus not too much more ideas are leading the nowadays world. On the other hand, the ordinary people, seeing themselves as pragmatic and out of theories, get driven by the old economists’ thinking. Here including crazy people, that hear voices around, they also get referred to a current thinker. Here including the public persons’, politicians’ and their agitators’ ideas… none of these stays brand new…” John Maynard Keynes

Cet ouvrage est censé être un manuel et un manuel est fait pour des étudiants, ainsi que pour d’a... more Cet ouvrage est censé être un manuel et un manuel est fait pour des étudiants, ainsi que pour d’autre gens curieux en matière. Et celle là est l’économie de l’intégration, parfois appellée même ‘économie européenne’, à mon avis pas trop à juste titre. Un titre comme ‘économie européenne’ aurait plutôt plusieurs (autres) sens.
Mais c’est pas ça le vrai problème, au moins pour le contexte d’un ouvrage de manuel. Celui-çi est attendu à contenir ce que tout le monde (i.e. académique, biensur) convient que c’est correct en matière. En premier lieu, admettre que l’économie de l’intégration éxiste en tant que réalité. Or, une telle ‘éxistence’ est éxigée par son avenir que se veut aussi réel, c’est à dire assuré, i.e. c’est ça la vrai question à être posée (?). Or, moi, je crois que la vraie réponse comprend encore quelques aspects à expliquer.
L’un d’entre eux y découvre l’un des mots d’ordre de l’intégration que est le changement continu. Çi et là, cette idée se fait complétée par les problèmes parfois majeurs à surmonter, même impossibles à résoudre en apparence, pour leur temps. Bref, il y a eu des problèmes spécifiques dans les années soixante-dix et quatre-vingt, ainsi qu’à présent ; encore, ils furent différents encore en tant qu’éspèces. Autant que l’une des questions çi-posées serait si l’Union d’aujourd’hui en est toujours capable de résoudre ses propres problèmes et si elle le sera désormais.
Un autre aspect pourrait y être indirecte, bien que plein de symboles et de défis. Cette Organisation des États européens à s’intégrer économiquement jetta ses bases pas très loin du monde communiste que comprenait autrefois l’Union Soviétique et les pays de l’Europe de l’Est et de l’Europe Centrale. Or, il est profondément vrai que le communisme ne fut et n’est jamais ni intégration économique, ni démocratie occidentale y attachée, mais quelques choses de commun y éxistent quant même, e.g. interventionisme, développement(s) à long terme par programmes, aussi de la politique de même en initiatives qu’en ambitions et l’on découvre qu’aussi le communisme que l’intégration partirent chacun d’une disponibilité politique, comme une étrange ‘règle commune’.
En troisième lieu, d’autre doutes persistent pour le manuel et pour les programmes d’étude lorsque les questions et les concepts y changent, comme déja observé çi-dessus. En fait, en seront tous ces aspects jamais résolus or ... ?

Notă la ediţia a II-a Nici nu trebuie să fii autor de carte ca să înţelegi euforia pe care o r... more Notă la ediţia a II-a

Nici nu trebuie să fii autor de carte ca să înţelegi euforia pe care o resimte un astfel de autor atunci când vine (dacă vine) momentul reeditării. Asta resimt şi eu, şi sigur ca pe un real succes. A venit deci momentul revenirii la cartea de Economie publicată pentru prima dată la „Editura Economică” în 2007.
Apoi, când revezi acest material iniţial, dincolo de unele erori, inadvertenţe şi chestiuni de corectat parte inerente, parte (de ce nu) vinovate, revin şi lucrurile de adăugat. Şi vreau să spun că, cu cât revizuirile, dar mai ales adăugirile sunt mai multe, cu atât simţi că în acest interval de timp ai mai „crescut” cu ceva, chiar te-ai mai maturizat. Ediţia precedentă te-a reprezentat cândva, următoarea pe care o aştepţi o va face cu atât mai mult.
Nu sunt însă numai aceste lucruri, din păcate, aici, în cazul de faţă. Şi vă spun imediat şi de ce spun „din păcate”. Din păcate pentru că, ia să ne amintim, ediţia precedentă purta anul 2007. Or, ce înseamnmă asta ? Înseamnă ultimul an dinaintea crizei financiare şi economice pe care – din păcate, desigur – o traversăm începând cu 2008, următor.
Aţi ghicit, deci: vechiul nostru manual era scris (ca orice manual) pe nota unanimă în care marea criză din 1929-1933 era calificată drept unică în istorie şi, parţial, chiar accidentală. De atunci, bunăoară, vorbim de lecţia intervenţiei statului în economie, revenind de la acelaşi moment, corectării ciclului de afaceri etc., aşa că... Totuşi nu a fost să fie aşa, şi iată că marea criză loveşte din nou în intervalul dintre 2008 şi prezentul acestor rânduri, cu tot cu statul omniprezent în economie cu politicile sale, şi chiar luând alte întorsături şi aspecte.
Era firesc ca ediţia de faţă a manualului să revină la zi cu noi cunoştinţe. Lecţia X, aferentă ciclului de afaceri, se îmbogăţeşte astfel corespunzător cu alte puncte de vedere, dar cel mai accentuată va apare aici frontiera, diferenţa specifică între criza economică (până aici fază a ciclului de afaceri) şi criza financiară, care nu mai apare în context ciclic. Nu numai această lecţie suferă adăugiri, ci, aşa cum vom constata citind, şi altele.
De cealaltă parte, însă, nu ar fi de omis alte două-trei aspecte. Mai întâi, constatăm aproape cu stupoare că domeniul crizei financiare, atât de „nou” pe la noi, rezervat până aici doar unora cu studii pe afară, era la alţii literă de manual – mai bine mai târziu decât niciodată, introducem noţiunile în manualele noastre acum. Dar să nu omit aici nici iniţiativa onorabilă a unui onorabil colectiv de profesori de la ASE Bucureşti pentru volumul „Criza e în Noi” din 2010.
Mai apoi, nu trebuie să aşteptăm de la cele de mai jos o descripţie, mai ales o analiză completă a crizei economico-financiare actuale, iar aceasta cel puţin din două motive. Unu, cartea de faţă rămâne un manual, şi am aflat deja din ediţiile anterioare că responsabilitatea acestuia se limitează la concepte fundamentale şi la a consemna şi sintetiza punctele de vedere ale tuturor, ale cercetării în totalitate, în locul dezvoltărilor personale ale autorului.
Dar abia al doilea motiv al restrângerii dezbaterii de aici îl găsesc încă mai important: despre oricare moment economic descris, fie el unul al evoluţiilor normale, sau dimpotrivă, ceea ce ştim cel mai bine este aşteptat să vină cam peste doi ani sau chiar mai mult, adică atunci când vom cunoaşte totalitatea datelor, plus unele puncte de vedere, care astăzi rămân încă intermediare, incomplete, astfle deocamdată chiar personale cercetătorilor şi diferiţilor autori.
Încă o dată însă, toată stima şi dragostea pentru cititorii mei.

This is aimed to be a book manual and a book manual is always for students and other curious peop... more This is aimed to be a book manual and a book manual is always for students and other curious people. Economics of integration is sometimes called ‘European economics’, as improperly. But the real problem is elsewhere. A manual is likely to contain what everybody agrees as correct. Firstly, agreeing that economics of integration does exist. Or, such an ‘existence’ issue ought actually to be a future ensured one, i.e. does economic integration really have its future? Or, in my view there might be some aspects to here consider. The one is that integration is an enterprise which’s watchword is continuous(ly) changing. Another aspect might stay linked to the former neighbouring communist retort Organization. This wasn’t and isn’t the same with integration or Western democracy here attached, but the two States Organizations of an earlier Europe keep some significant points in common, e.g. interventionism, long term development programmes, political initiative and also ambition(s), here including political starts for both, like under a strange ‘common rule’. Thirdly, doubts come up back to manual, i.e. where changing stuff the unanimous view of the manual stays difficult to accomplish.

This is continuing our previous approaches on money, as fiat, versus representative, but also loo... more This is continuing our previous approaches on money, as fiat, versus representative, but also looking either at a crisis that forces the future to be different than present and past, or at the former Fed’s governor’s (Alan Greenspan) reflections about the former gold standard that sounded at least
strange at their time. We turn here, in this paper, to a more applied procedure, as much as essays always keep limited persuasion resources, but stay aware that this approach capability stays, in its turn, even less persuasive face to the mutually exclusive theories of fiat and representative money. There rather aren’t precedents in such an aiming of applied studying. Plus, relating such a study to presumably
remaking representative money system then gold standard, when crisis enough feared all of us, would be partly controversial for here choosing the US case (a pretty ordinary country would better reflect such disposability). But it is just partly controversial, due to that the American economy and politics might steel remain influential on the international scale in all directions and even the classic gold standard had its own center, versus periphery zones to consider in context.
Finally, let to money even the chance of being ‘free’ from’ the fiat and representative exclusive options.

Money, as a paradoxical concept And money is the human civilization , as nobody can deny it and a... more Money, as a paradoxical concept
And money is the human civilization , as nobody can deny it and as essential for all human development(s). In such a context, money starts with three paradoxes of its own (Andrei 2007, pp. 15-17). First, it is man made, written matter and old enough. All the other writings, philosophies and philosophical systems, architecture, civilizations, as human creations,
die one after another. They may be the older the more highly valuable, but vestiges at the same. On the contrary, money, as a so old creation, is still and very vivid and working. But there is not its long life already its extraordinary point, but the aspect that the money existence looks endless, as seen from both the oldest times and today. And this is for money, as
so similarly to . . . the Scriptures. Plenty of coins, banknotes and other money pieces are subjects of numismatics, but money is still not a vestige.
On the other hand, there was once an ideology claiming that money was
an economic relation among subjects which would end ones time, in a
predictable future. That was communism and recent enough—but it was
the communism ending first.
The second paradox of money is that it measures what? The market value, isn’t it ? And this is for the long thousands of years that it is. Or, the market value, as a concept, was almost clarified in . . . the nineteenth century, by Marxism and marginalism, two currents of thinking of the same age and geographical origins 3 . I say the value concept, as almost clarified, because the two scholar thoughts saw the value sources in some opposite ways: the Marxian view was finding this source in labour—so, in a factor of production, in the production itself, as opposite to consumption —, whereas marginalists here identified utility and rarity—so, it was market and consumption leading this process. The further these irreconcilable theories in the history of economics, in their turn, the less clear the value concept for the next following 20 th century—and that whereas money does
its job without any interference of basic economics. All the more, every State, since the ancient times, declares its metric system of measuring, see length, volume, and money market value.
Finally, the third paradox here comes when considering the market value measured by money, as a social convention qualified under another concept—I mean the one of the experiment. Money is an experiment of a really special condition from at least two points of view. Firstly, it is an
experiment not made, as usually, just once for some other application to come, but an experiment repeated from its very beginning for its own purpose, as implemented. Nobody doubts about the length, volume or electricity that are measured by our conventional specific units, as much as
these dimensions are very material—but nobody doubts about money, as measuring value either, in the same circumstances.
Secondly, let us admit that all experiments base and develop from fields It is about the so-called “German ideology”, birth and consuming itself in the second half of the nineteenth century. Actually, Marignalism meant three Schools in Europe: (i) the German and Austrian one, that is here referred (Menger; Bohm-Bowerk); (ii) the Swiss one (Leon Walras; Vilfredo Pareto); (iii) the British one (Alfred Marshall).
of science, as individuals. In which conditions, money is agreed to result from the economic field. But then, two problems arise. The first is that the economy and economics, correspondingly, are not quite appropriate to
laboratories and experiments 4 , as the exact sciences are likely to be developed, in their turn—experiments in economy are very rare and exceptional 5 . But, let us admit an experiment like money, on a so large scale, as an equally
exceptional success. Then, another problem remains: money was born as an experiment of economics, whereas economics were coming to become a very science a long time afterwards.

This is about modernity, a concept approached with the(intellectual) courage that is likely to be... more This is about modernity, a concept approached with the(intellectual) courage that is likely to be missing by number of authors, be they sociologists, as there is this case of book andr author, or others. Moreover, this author does keep such a theme in a context of several (a real 'chain' of) writings around and certainly written along a pretty representative period that is finally his career and profession of fate. The last is equally for here daring an expression like 'masterpiece' that would rather be for fiction and arts.

Be it 'excess reserves' that deposit money part of all entities at the central bank not used to s... more Be it 'excess reserves' that deposit money part of all entities at the central bank not used to satisfy statutory reserve requirements, plus all disposable cash held by the same institutions and not used to satisfy statutory reserve requirements either. Would this be rather common place, influenced or not by inflation, or, on the contrary, as significant as influencing and well correlating with inflation rate? Or, this might be equally viewed in the mirror, i.e. once, under representative money-gold standard, no excess reserves, inflation going down to zero. We could see more than expectable about so far in this paper, here including some long term causalities between these two, as monetary variables.