“All exchange stimulates productive activity, whether exchange by gift, gambling, barter, or money transaction.”

Source: The Poker Face of Wall Street (2006), Chapter 5, Pokernomics, p. 127

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Aaron C. Brown15

American financial analyst 1956

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“Money as a medium of exchange becomes important when workers are paid in medium of exchange rather than in wage goods directly. Since wage goods constitute the majority of goods produced (particularly in the early stages of development), it is tempting (but misleading) to focus on exchanges and on money as a medium of exchange [like the neo-classicals]. Once capitalist production dominates the economy, money becomes universally important: money operates as a medium of exchange and money hoards provide a measure of security. However, production involves goods and services now in exchange for a promise to pay in the future. That is, money is involved in the production process because production is time-based and involves debt commitments. If one only focuses on the use of money in exchange or as a store of value, one ignores how money creation is inextricably related to time-based production in private property economies.”

L. Randall Wray (1953) American economist

Source: Money and Credit in Capitalist Economies, 1990, p. 10; Cited in Howard Stein. "Theories of institutions and economic reform in Africa." World Development 22.12 (1994): 1833-1849.

“Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm, these market transactions are eliminated and in place of the complicated market structure with exchange transactions is substituted the entrepreneur-coordinator, who directs production. It is clear that these are alternative methods of coordinating production. Yet, having regard to the fact that, if production is regulated by price movements, production could be carried on without any organization at all might we ask, why is there any organization?”

Ronald H. Coase (1910–2013) British economist and author

Source: 1930s-1950s, "The Nature of the Firm" (1937), p. 388

“Money does not arise by convention, any more than the state does. It arises out of exchange, and arises naturally out of exchange; it is a product of the same.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Grundrisse (1857-1858)
Source: Notebook I, The Chapter on Money, p. 85.

“The propensity to truck, barter and exchange one thing for another is common to all men and to be found in no other race of animals”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

“Exchange value forms the substance of money, and exchange value is wealth.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Grundrisse (1857-1858)
Source: Notebook II, The Chapter on Money, p. 141.

“[In order to define the distinction between a grant and an exchange transaction, Boulding has used the net worth criterion] If there is no decrease in the net worth of either party, the transaction is exchange; if there is, it contains some grant element and is an explicit or implicit grant.”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1970s, The Economy of Love and Fear, 1973, p. 88 as cited in: Omicron Delta Epsilon, Omicron Chi Epsilon (1997) The American economist. Vol. 41-42. p. 20

“The smallest unit of the institutional economists is a unit of activity — a transaction, with its participants. Transactions intervene between the labor of the classic economists and the pleasures of the hedonic economists, simply because it is society that controls access to the forces of nature, and transactions are, not the "exchange of commodities," but the alienation and acquisition, between individuals, of the rights of property and liberty created by society, which must therefore be negotiated between the parties concerned before labor can produce, or consumers can consume, or commodities be physically exchanged.”

John R. Commons (1862–1945) United States institutional economist and labor historian

Source: "Institutional Economics," 1931, p. 652

“The commerce of minds was necessarily the first commerce in the world, … since before bartering things one must barter signs, and it is necessary therefore that signs be instituted.
There is no market or exchange without language. The first instrument of all commerce is language.”

Paul Valéry (1871–1945) French poet, essayist, and philosopher

Source: Regards sur le monde actuel [Reflections on the World Today] (1931), p. 166

“Since property here exists in the form of stock, its movement and transfer become purely a result of gambling on the stock exchange, where the little fish are swallowed by the sharks and the lambs by the stock exchange wolves.”

Karl Marx book Das Kapital

Vol. III, Ch. XXVII, The Role of Credit, p. 440.
Das Kapital (Buch III) (1894)

“Money is a crystal formed of necessity in the course of the exchanges, whereby different products of labour are practically equated to one another and thus by practice converted into commodities.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Vol. I, Ch. 2, pg. 99.
(Buch I) (1867)

“All exchange stimulates productive activity, whether exchange by gift, gambling, barter, or money transaction.”

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Aaron C. Brown15

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