Unresolved questions in monetary theory: A critical review

Summary The basic questions of monetary theory remain unanswered. There is little agreement on a definition of money or what assets serve as money, much less on the nature of the private and social costs and benefits of a money economy. Controversy over these questions is reviewed critically. It is concluded that the extensive literature on these matters is not in fact very illuminating. Some new avenues of enquiry are suggested. Generalisation of Clower's exchange matrix suggests that money is only one of a hierarchy of budget restraints, and that money's contribution to efficient price-setting goes beyond its role as numeraire. Finally, questions of control of the money supply are considered.She wishes to thank the participants in the Economic Anthropology Seminar on Means of Payment at University College London for their comments and suggestions, especially Mary Douglas (UCL), Gerald Cohen (UCL), Morris Perlman (LSE) and Charles Goodhart (Bank of England). The comments of Yoram Barzel (University of Washington), Thomas Rymes (Carleton University), and members of the Money Study Group are also gratefully acknowledged. Resposibility for the outcome is entirely the author's.     

Leisure Constraints in Six Chinese Cities

The purpose of this study is to describe leisure constraints as perceived by residents of the Chinese cities Beijing, Shanghai, Hangzhou, Qingdao, Chengdu, and Shenzhen. Rather than relying on lists of leisure constraints developed in other contexts, we used the common ethnographic technique of free listing, which allows informants to indicate what they perceive as constraints on their leisure. A second sample of informants rated the importance of 37 constraints determined through the free listing procedure. Constraints in these cities can be categorized, based on their perceived importance, into eight distinct types. These relate to several demographic and sociographic variables.     

BOOK REVIEWS

The purpose of this investigation was to explore the meanings recreationists tenting at an agricultural fair associated with the settings in which their fair experience occurred. Using a symbolic interactionist framework, our analysis of data collected through onsite observation and using photo-elicitation guided interviews illustrated that informants' place meanings were the product of interactive processes involving the individual, their social world and the physical setting. These interactions elicited meanings tied to place that were largely independent of the physical attributes that defined the setting. Most significant were specific place experiences shared with family and close friends. The importance attached to these relationships and experiences were embedded in the spatial contexts that encapsulated informants' fair experience. Findings from this investigation shed light on the social construction of place meaning within a built environment.     

A multicultural retreat in exotic serenity: interpreting temple stay experience using the Mandala of Health model

Temple stay is a creative form of religious tourism in Korea that offers an authentic local experience at a Buddhist temple. This study is to describe the experiences of international participants during their overnight temple stay. Based on field research with in-depth interviews, this study result indicates that participants regarded temple stay as a multicultural retreat in a religious and therapeutic setting to promote their ultimate wellbeing. In the intersection of culture, religion, and tourism, this study offers a framework to understand the essence of temple stay experience to modern individuals based on the Mandala of Health model.     

An emerging Korean youth culture,Rail-ro: the application of cultural consensus analysis to domestic rail travel experiences

This study deals with an emerging domestic rail travel phenomenon among Korean youth, known as Rail-ro (Railo), which has influenced aspects of youth culture and domestic tourism in Korea since 2007. The purpose of this study is to determine whether Railo experiences exist as a coherent culture among Railers based on cultural consensus analysis. The result indicates Railers’ strong agreement about Railo experiences, which reinforces the view that a particular rail pass could be instrumental in forming a distinct youth travel subculture. This study demonstrates how travel culture driven by the seasonal rail pass supports domestic tourism and inbound tourism.     

Financial counterparts of saving and investment and inconsistency in some simple macro models

Zusammenfassung Die finanziellen Aspekte von Sparen und Investieren und die Inkonsistenz einiger einfacher Makro-Modelle. — Ein System, in dem die finanziellen Aspekte der effektiven Nachfrage explizit gemacht werden, wird entwickelt und als Grundlage für die Kritik einiger gebr?uchlicher statischer MakroModelle verwendet: des IS-LM-Modells, des Modells, das die permanente Einkommenshypothese benutzt, und eines Modells, das eine Ersparnis-Verm?gensrelation enth?lt. Diese kritische Würdigung zeigt, da\, wenn die Finanzen ausdrücklich in die Betrachtung einbezogen werden, die Modelle dynamisch sind und die ?Gleichgewichtsl?sung? nur für einen Zeitpunkt gilt. Au\erdem führen die Interdependenzen, die durch die Einbeziehung der finanziellen Aspekte geschaffen werden, zu unannehmbaren Nachfragefunktionen auf dem Markt, der unter Berufung auf das Walrassche Gesetz au\er Betracht blieb. Es wird gezeigt, da\ diese Probleme nicht bei solchen Modellen auftreten, die nur die Anteile der verschiedenen Formen der Verm?genshaltung am Gesamtverm?gen bestimmen wollen und nicht sein absolutes Niveau. Sie fehlen auch bei einem Modell, das auf dem Prinzip der Bestandsanpassung basiert, in dem also Stromgr?\en direkt auf Bestandsungleichgewichte zurückgeführt werden.

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Résumé Les contreparties financières de l’épargne et de l’investissement et l’incontinence dans quelques modèles macro-économiques. — Un système qui éclaircit bien l’aspect financier de la demande effective est développé et employé comme fondament de quelques modèles statiques et macro-économiques en usage commun: les modèles SI-LM et de revenu permanent et, en outre, un modèle qui incorpore la relation entre l’épargne et la fortune. L’appréciation critique montre que les modèles sont dynamiques et que la solution d’équilibre n’est valable que pour un moment si les finances sont considérées expressément. En outre, les interdépendances créées par l’inclusion des finances conduisent aux fonctions de la demande inacceptables sur le marché qui fut omi en se référant à la loi de Walras. Il est montré que ces problèmes n’apparaissent pas aux modèles qui déterminent seulement la relation entre les actifs différents et pas leurs niveaux absolus. Ils manquent aussi dans un modèle dérivé du principe d’ajustement des stocks, dans lequel les flux sont rapportés directement aux déséquilibres des stocks.

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Resumen La concordancia financiera del ahorro y la inversión y su divergencia en modelos macroeconómicos simples. — El autor elabora un sistema que incluye la parte financiera de la demanda efectiva y que se utiliza como base para algunos modelos macroeconómicos estáticos y comunes, como lo son por ejemplo los modelos IS-LM, los modelos del ingreso permanente y un modelo que incluye la relación entre ahorros y patrimonio. La evaluación crftica demuestra que los modelos son dinámicos y que la ?solución de equilibrio? sólo vale para un breve momento, si se tienen en cuenta explicitamente los aspectos financieros. Además, las interdependencias que resultan de la inclusión de las finanzas originan funciones de demanda inadmisibles en el mercado, del cual se hizo caso omiso invocando la ley walrasiana. El autor demuestra que estos problemas no surgen en modelos que únicamente determinan la relación entre las distintas formas en que se tiene el partimonio, y no sus valores absolutos. Tampoco surgen en un modelo que se deriva del ?stock adjustment principle? y en el que ingresos se aplican directamente a los desequilibrios de existencias.

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Riassunto Corrispondenze finanziarie di risparmio ed investimenti e la loro non concordanza in alcuni macro-modelli semplici. — Viene sviluppato un sistema che chiarisce in pieno l’aspetto fmanziario della domanda effettiva e viene impiegato come base per un macro-modello statico di uso generale, cioè per i modelli IS-LM, per permanenti modelli di reddito e per un modello che includa il rapporto risparmiopatrimonio. Questo apprezzamento critico mostra che i modelli sono dinamici e che la ?soluzione di equilibrio? è valida solo per un breve momento, se le finanze sono espressamente comprese nella considerazione. Inoltre le interdipendenze, che sono create mediante le inclusioni delle finanze, conducono, a causa dell’inosservanza della legge di Walras, ad inaccettabili funzioni di domanda sul mercato. Viene mostrato che questi problemi non compaiono in modelli che determinano soltanto il rapporto del patrimonio tenuto in diverse forme e non i suoi livelli assoluti. Essi mancano anche in un modello che è derivato dal principio di ?adattamento delle scorte? (?stock adjustment?-principle) in cui gli afflussi vengono riferiti direttamente agli squilibri di scorte.

     

Leisure Constraints,Leisure Satisfaction,Life Satisfaction,and Self-Rated Health in Six Cities in Taiwan

Extensive research shows that individuals in lower socioeconomic statuses experience higher levels of morbidity and mortality than those of higher social status. This disparity remains even after lifestyle changes such as reduced smoking, improved diet, more exercise, and better access to medical care are afforded to those of lower status. According to Fundamental Social Cause Theory (FSCT), access to valued resources, including environmental, social, and psychological factors, mediates the relationship. The purpose of this study is to determine if leisure constraints, leisure satisfaction, and life satisfaction are among the variables that mediate the relationship between socioeconomic status (SES) and self-rated health in six cities in Taiwan. Results indicated that leisure related variables, including leisure constraints and leisure satisfaction, mediate the relationship between SES and self-rated health. The results suggest the value of FSCT as a framework for examining the relationship of leisure related variables to health.