Kopernikowska teoria pieniądza
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Date
1973
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Publisher
Wydział Prawa i Administracji UAM
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Copernican Theory of Money
Abstract
The theory of commodity money and the method of money analysis through
its function formulated by Copernicus belong to the significant achievments of
the history of economic thought. In the field of money theory there is so called
Copernic Law, whose invention has been unjustly attributed to Gresham. The
above mentioned Law can be formulated in short as follows: if there are two
sorts of currency in circulation, having the same nominal value but not the same
real (substantial) value, then the full-value coins (standart money) are driven out
of circulation by undervalued money.
Another Copernicus intellectual inventions in the domain of money theory are
the following, 'still actual conceptions: a) unity of official and market price of
currency metal constitutes the basic condition of functioning of metallic commodity
money, b) transgression of the threshold of currency arbitrage (melting of currency
into the pure metal) brings that unity down and therefore should be corrected
by the state interventionism, c) creeping depreciation of currency originates usually
negative and grave in results economic changes in the structure of prices. The
Copernican views of money, especially the principle of periodicity of currency
system reforms (every 25 years) and also that one concerning the subordination
of currency to raison d'Etat are of great importance. To Copernicus the money
has not been an object of its own, but it was the mean serving to an end.
One of his statements said that the countries with full-value coins were prosperous
in contradiistinctioin to those ones having had currency . . . and "good coin is not
only advantegous to the state but also [...] to all classes of population while the
bad money is disastrous".
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Digitalizacja i deponowanie archiwalnych zeszytów RPEiS sfinansowane przez MNiSW w ramach realizacji umowy nr 541/P-DUN/2016
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Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny 35, 1973, z. 4, s. 17-40