By Noam Yuran
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Sample text
That is a premise of Marx’s concept of commodity money: money is a commodity like all others yet abstracted from use value. But this abstraction from thingness already implies capital. The unceasing movement or the boundless drive of capital derives from money’s lack of thingness. This characteristic provides us with one more opportunity to formulate the difference between Marx and the economists. Just like Marx, contemporary economics assumes that money is not a thing. That is what lies at the root of the conception of money as a tool in the administration of things.
The pieces of green paper have value because everybody thinks they have value. 5 What must be acknowledged is that basing the value of money on a belief bypasses, from the very beginning, the possibility of the desire for money. 6 For this reason, the idea of grounding money in thought refers to the basics of the economic worldview, that is, to what economics purports to study and, what is more important, to that of which it refuses to have any knowledge. The obviousness of the desire for goods does not mean that economics knows everything there is to know about this desire but, on the contrary, that economics purposefully refuses to have any type of positive knowledge about this desire.
34 The more interesting possibility is to conceive of these two personalities as embodying the impersonal economic and cultural phenomena of finance and shopping; to conceive of avarice and extravagance not merely in psychological terms but as embedded in the economy and inscribed on economic objects. Is this not what Marx suggested in his claim that in the monetary economy, money is “the object most worth possessing”?