Das Geld der Ökonomen

The saying that »money doesn't matter« holds true in monetary theory only. A sound economy needs well-managed money based on securities. The theory of money today is still based on the Ricardian theory of quantity, which, as Hans-Joachim Stadermann shows, seems to be plausible but actually is a mixture of money supply and problems of income distribution and thus not a good basis for inflation theory. Economists' money has nothing to do with money in everyday life: it is only a medium of exchange, whereas money in the economy is the driving force in economic evolution. Hans-Joachim Stadermann shows how monetary theory has to change its concept of 'central bank money' in order to understand monetary policy.