- ability-to-pay principle
- absolute advantage theory
- absolute income hypothesis
- abstinence theory of interest
- acceleration principle
- adaptive expectations
- adding-up problem
- adverse selection
- agency theory
- aggregate demand theory
- Allais paradox
- anarcho-syndicalism
- arbitrage pricing policy
- Arrow-Debreu model
- asymmetrical information
- axiomatic theories
- balanced budget multiplier
- bathtub theorem
- benefit approach principle
- Bernoulli's hypothesis
- Bertrand duopoly model
- bilateral monopoly
- bimetallism
- bioeconomics
- bionomics
- bounded rationality
- bureaucracy
- business cycle
- Cambridge capital controversies
- capital asset pricing model
- capital logic
- capital theory
- capture theory
- catallaxy
- catastrophe theory
- central place theory
- CES production function
- class struggle
- classical macroeconomic model
- classical theory of money
- clubs, theory of
- co-operative games theory
- Coase theorem
- Cobb-Douglas production function
- cobweb theory
- collective bargaining theory
- collusion theory
- colonialism
- commodity theory of money
- comparative advantage theory
- comparative costs
- compensation principle
- composite commodity
- Condorcet's principle
- consumer demand, theory of
- consumer surplus
- contestable markets theory
- continuity thesis
- contract theory
- convergence theory
- core, theory of the
- corporatism
- cost-benefit analysis
- cost-push inflation
- countervailing power
- Cournot duopoly model
- Cramer's rule
- crisis of capitalism
- crowding hypothesis
- crowding-out
- currency principle
- customs union theory
- cyclical theory
- decision theory
- DeLorean theory
- demand for money theory
- demand theory
- demand-pull inflation
- demographic transition
- dependency theory
- differential rent theory
- diminishing returns, law of
- disequilibrium theory
- distribution theory
- distributism
- dual decision hypothesis
- dual economy theory
- dual labor market theory
- duopoly theory
- economic liberalism
- economic methodology
- economic theory of politics
- economic theory of the state
- efficient market hypothesis
- Engel's law
- entitlement theorem
- envelope theorem
- equal sacrifice theory
- equilibrium theory
- error learning hypothesis
- Euler's theory
- exploitation
- externalities
- factor-price equalization theorem
- falling rate of profit
- fine tuning
- firm, theory of the
- fixed point theorems
- forced saving
- free banking theory
- free rider problem
- fundamental disquilibrium
- game theory
- general equilibrium theory
- general strike
- general theory of employment, interest and money
- Gibrat's rule of proportionate growth
- Giffen paradox
- golden rule of capital accumulation
- gold standard
- gravity model
- Gresham's law
- group theory
- growth of the firm, theory of the
- growth-pole theory
- Harrod-Domar growth model
- Heckscher-Ohlin trade theory
- Hicks-Hansen model
- historical materialism
- Hotelling's law
- human capital theory
- imperfect competition
- imperialism
- impossibility theorem
- income determination, theory of
- income distribution, theory of
- information theory
- input-output analysis
- insider-outsider wage determination
- internal and external balance
- invisible hand
- iron law of wages
- IS-LM model
- just price
- Keynesian economics
- Kondratieff cycles
- labor force participation
- labor market discrimination
- labor theory of value
- Laffer curve
- laissez-faire
- large numbers, law of
- Le Chatelier principle
- learning-by-doing
- least cost location theory
- Leontief paradox
- life-cycle hypothesis
- Lindahl equilibrium
- linear programming
- loanable funds theory of the rate of interest
- long wages
- lump-of-labor theory of wages
- Lyapunov's theorem
- machinery question
- Malthusian population theory
- managerial theories of the firm
- marginal efficiency of capital
- marginal productivity theory of distribution
- marginal utility theory
- market socialism
- markets, law of
- Marshall-Lerner principle
- Marxism
- material balances principle
- measure theory
- mercantilism
- Modigliani-Miller theory of the cost of capital
- monetarism
- monopolistic competition
- monopoly
- monopoly capitalism
- moral hazard
- multiplier
- multiplier-accelerator
- NAIRU
- NARU
- Nash equilibrium
- national income
- nationalization
- natural and warranted rates of growth
- natural monopoly of economics
- natural rate of unemployment
- negative income tax
- neo-classical growth theory
- neo-classical theory
- neo-Ricardian theory
- new class
- new classical macroeconomics
- non-accelerating inflation rate of unemployment
- non-competing groups
- non-nested hypothesis
- non-profit organization
- occupation segregation
- Okun's law
- oligopoly theory
- opportunity cost
- optimal tariff theory
- option pricing theory
- organization theory
- own rate of interest
- paradox of thrift
- paradox of value
- paradox of voting
- Pareto efficiency
- Pareto optimality
- partial equilibrium theory
- peak-load pricing
- perfect competition
- permanent income hypothesis
- Phillips curve
- Physiocracy
- Pigou effect
- political business cycle
- portfolio selection theory
- Prebisch-Singer thesis
- price discrimination
- privatization
- product life-cycle theory
- production, theory of
- profits, theories of
- property
- public choice
- public utility pricing
- purchasing power parity
- quantity theory of money
- queuing theory
- Ramsey pricing
- random walk hypothesis
- rational expectations theory
- rationing
- Rawls theory of justice
- Reaganomics
- real bills doctrine
- regulation
- regulatory capture
- relative income hypothesis
- rent seeking
- returns to scale
- revealed preference theory
- Ricardian equivalence theorem
- roundabout method of production
- Rybczynski theorem
- satisficing
- Say's law
- Scitovsky paradox
- screening hypothesis
- search theory
- second best, theory of
- secular stagnation theory
- segmented labor market theory
- shadow pricing
- signalling
- Slutsky's theorem
- small is beautiful principle
- social welfare function
- Solow economic growth
- specie-flow mechanism
- St Petersburg paradox
- stationary state
- stock-flow analysis
- structure-conduct-performance theory
- substitution theory
- sunspot theory
- supply-side economics
- surplus value
- syndicalism
- tax incidence
- technological gap theory
- term structure of interest rates
- Thatcherism
- Tiebout hypothesis
- time preference theory of interest
- trade cycle
- trickle-down theory
- turnpike theory
- uncertainty
- underconsumption theory
- unemployment
- variable proportions, law of
- vent for surplus
- Verdoorn's law
- wages fund doctrine
- Wagner's law
- Walras's stability
- Weber's theory of the location of the firm
- Wicksell's theory of capital
- x-efficiency
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commodity theory of money
Commodity theory of money refers to a system of money based on a specific commodity; that is, any good suitable for exchange or consumption.
The system is usually linked to a specific quantity of the commodity whose value is determined by its price in the marketplace.
The Gold Standard was a commodity money system.
Also see: bimetallism, classical theory of money, currency principle, specie flow mechanism
Source:
M Friedman, Essays in Positive Economics (Chicago 1953), 204-50;
P Vilar, A History of Gold and Money, 1450-1920 (London, 1976)
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