从货币起源到现代货币理论:经济学研究范式的转变

From the Origin of Money to Modern Money Theory: The Transformation of Economic Study Paradigm

关于货币起源的历史,已有大量证据说明其最初并非充当一般等价物,而是某种类型的借据,承担价值尺度和债务清偿手段的职能,而支付手段和交易媒介仅是其初始职能的自然延伸。在经济学说史中,重商主义、斯密、克纳普、凯恩斯等都已清楚地认识到了货币价值来自于其借据的性质中所包含的权利,而并非其实物价值。现代货币理论是国定货币学说的最新发展,强调国家货币是政府债务的一种,价值来自于国家的征税权。在现代国家,总是先有政府债务,再有纳税行为。现代货币理论主张功能性财政政策,并提出最后雇佣者计划,同时还强调货币政策与财政政策协调的重要意义。本文在对现代货币理论思想脉络及政策主张进行梳理的基础上,讨论了对其的质疑及启示。分析现代货币理论及后凯恩斯经济学的发展,有助于更清楚地认识经济学研究范式的创新发展。

As for the history of the origin of money,there are many evidences that it was not used as a general equivalent firstly,but as a kind of IOU,which served as a measure of value and a mean of debt settlement,while the mean of payment and the medium of exchange are natural derivatives of its initial functions.In the history of economic theory,Mercantilism,Smith,Knapp,Keynes and others have clearly recognized that the value of money comes from the rights contained in the nature of IOUs,rather than its physical value.Modern Money Theory(MMT)is latest development of Chartalism,which recognizes state money as a kind of government debt and believes that its value comes from its power to impose and enforce tax liabilities.In modern states,government’s debt comes before taxation.MMT advocates functional finance approach and employer of last resort(ELR)program.It also emphasizes the importance of coordination between monetary policy and fiscal policy.On the basis of sorting out the thought vein and policy proposition of MMT,this paper discusses the doubt and enlightenment to it.The analysis of MMT and Post-Keynesians economics is helpful for better understanding the innovative development of economic study paradigm.