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  • 1.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    A Sequence Analysis of Money, Savings, and Investments under Negative Interest Rates2017Conference paper (Other academic)
  • 2.
    Marmefelt, Thomas
    Internationella Handelshögkolan, Högskolan i Jönköping .
    Bank-Industry Networks and Economic Evolution: An Institutional-Evolutionary Approach1998Book (Other academic)
  • 3.
    Marmefelt, Thomas
    Södertörn University College, School of Social Sciences, Economics.
    Civil Society Formation and Global Exchange: Lithuania, Sweden, the Baltic Sea Area, and the World2007In: Indian Journal of Economics and Business, ISSN 0972-5784, p. 109-127Article in journal (Refereed)
  • 4.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    Culture, Social Interactions, and Natural Resources: Some Reflections on Culture as Social Capital and Julian Simon’s Ultimate Resource in Lithuania and Sweden2009In: Handbook of social interactions in the 21st century / [ed] Anne T. Heatherton, Vivian A. Walcott, New York: Nova Science Publishers, Inc., 2009, p. 21-49Chapter in book (Other academic)
  • 5.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    Developing New Monetary Economics Using the Monetary Theory of Schumpeter, Mises, and Wicksell2011Conference paper (Other academic)
    Abstract [en]

    According to Schumpeter, money is a clearing device, a social institution rather than a commodity, and money supply constitutes a critical figure that determines the price level.Schumpeter argues that the value of money is independent of its metal content, but also finds a legally defined ticket inappropriate.He pointsout that the purchasing power of money cannot bea matter of exchange value, nor of use value, butthe purchasing power of a unit of income.According to Mises, Schumpeter tries to build a catallactic ticket theory, which requires a comparison of available tickets and opportunity space, using the sum of money incomes and the product of prices and consumption goods. He finds that the commodities relate only to circulating money, while money relates to production goods as well as consumption goods, more commonly tothe turnover of production goods to production goodsthan to the exchange of production goods for consumption goods. For Mises, the value of money must be based upon utility, but the objective exchange value of money reflects subjective individual valuations. Money is an emergent order and the intangible money emerging today represents an institutional form of money with an accounting system of exchange, moving towards Wicksell’s pure credit economy, in itself making monetary separation suitable. According to Wicksell, a pure credit economy requires that the value of money is made independent of its commodity function. Credit is a remedy to scarcity of money, while bills of exchange increase virtual velocity. He argues that the unit of value should be independent of material thingsand thatthe inconvertible paper coinis used as credit medium, implying an abstract medium of account. The New Monetary Economics involves a functional separation of monetary functions making units and media of account distinct from media of exchange. In the Black-Fama-Hall (BFH) system, developed by Yeager and Greenfield, the unit of account is physically defined by the state as a non-convertible nearly comprehensive commodity bundle, which constitutes the critical figure in such a system, while the media of exchange are privately issued.This is contrasted to separation of the functions of media of account from media of exchange, where the media of account are abstract, such as Meulen’s banknote pound.These two approachesto the media of account are analyzed from the perspective of Schumpeter, Wicksell, and Mises.

  • 6.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    Emergence of the Gold Standard and the Unification of Monetary Functions: What Happened to the Functioning of the Cashless Payments Systems Using Bills of Exchange?2015In: EAEPE 2015 Online proceedings, 2015Conference paper (Other academic)
  • 7.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    Emergent Money and Economic Cycles: A Social Learning Perspective2012In: Progress in Economics Research: Volume 26 / [ed] Albert Tavidze, New York: Nova Science Publishers, Inc., 2012, p. 31-57Chapter in book (Other academic)
  • 8.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    Hanseatic Monetary Arrangements and the Functional Separation of Money2013In: The 25th EAEPE annual Conference Website [online], 2013, p. -27Conference paper (Other academic)
    Abstract [en]

    In order to theoretically analyze, from the perspective of new monetary economics andsociallearning,theevolution of monetary arrangementswith functional separation of money,thispaperanalyzes the history of Hanseatic monetary arrangements and the functional separationof money in the Baltic and North Seas region, that is, the evolution of units of account andmedia of exchangealong the East-West trade routes of the Hanseatic League. Focusing on thecognitive aspect of money as social institution, the evolution of units of account and media ofexchange are studied as adaptive responses by human minds. The emphasis will be on theheuristics of long-distance traders in the Baltic and North Seas region, considering theexchange of commodities and of monies.Going beyond the emergence of money as mediumof exchange, this paper studies the emergence of unitsof account and of media of exchange,that is, the emergence of monetary arrangements as co-evolution of units of account, in theMiddle Ages called monies of account, and media of exchange, in which the value of moneyis given by its purchasing power, be it money of account or money as medium of exchange.This paper views institutions as having both a cognitive and a behavioral component. Associal institution, money has a cognitive dimension, which represents the way traders thinkabout money as unit of account and medium of exchange, respectively, in the form ofmonetary heuristics, translating the unit of account to a particular worth, using a social scriptto which market agents attribute a specific worth.When the value of the underlyingcommodity bundle changes from the original worth, market agents observe a script deviationof that bundle, attributing that to changes in the commodity space, and adjust the bundleaccordingly. As social institution, money also has a behavioral dimension, which is expressedin the purchasing power of money; what commodity bundle could be bought for a certainamount of one currency, a medium of account with its associated media of exchange, foranother currency, thus establishing exchange rates. Exchange rates between currencies wereestablished according to relative perceived purchasing power, some kind of classifier system.Along the cognitive dimension, long-distance tradersformed beliefs about the relativepurchasing power of their currencycompared with the foreign one; along the behavioral onethey exchanged money at the rates so specified.The Hanseatictrade was organized along theline Novgorod-Reval-Lübeck-Hamburg-Bruges-London, whereBruges is of particularinterest as meeting place between Italian and Hanseaticmerchants, an interface ofMediterranean and Baltic commerce.In Bruges,Italianmerchant-bankers operated, usingbillsof exchange to meet the requirements of trade by correspondence, while Hanseatic traderelied on the exchange contract adopted to traveling trade. Hanseatic merchants openedtransitory accounts with Flemish money-changers to be used as means of settlement.Amonetary market orderevolved through the exchange of money and of commodities.

  • 9.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    Heuristics in the Evolution of Units of Account and Media of Exchange2016Conference paper (Other academic)
  • 10.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    Human Knowledge, Rules, and the Spontaneous Evolution of Society in the Social Thought of Darwin, Hayek, and Boulding2009In: Journal of Economic Behavior and Organization, ISSN 0167-2681, E-ISSN 1879-1751, Vol. 71, no 1, p. 62-74Article in journal (Refereed)
    Abstract [en]

    In the social sciences, the label Darwinian often means a biological explanation of social phenomena. Both Hayek and Boulding adopt a Lamarckian approach to social evolution. Hayek shows that coordination of groups larger than hunting and gathering bands requires a cultural evolution of learnt rules. Boulding uses the notion of noosphere of human knowledge, where learning transmits the noogenetic structure. Hayek's and Boulding's Lamarckian theories are compared with Darwin's theory of social evolution to explore how the latter may be extended to explain the links between human knowledge, rules, and evolution of society, outlining a Darwinian social/cultural approach.

  • 11.
    Marmefelt, Thomas
    Södertörn University, School of Political Science, Economics and Law, Economics.
    Institutional Endowments and the Lithuanian Holding as Innovative Network: A Problem of Institutional Compatibility in the Baltic Sea Area.2004In: Review of Austrian Economics, ISSN 0889-3047, Vol. 17, no 1, p. 87-113Article in journal (Refereed)
  • 12.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    Interwar Monetary Fragmentation and the Gold Standard Restored: The Crisis of 1929 Compared with the Crisis of 20082015Conference paper (Other academic)
  • 13.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    Media of Exchange and Liquid Assets of Political and Market Enterprises: A New Monetary Perspective on Medieval French Monetary Mutations2012In: Theoretical and Methodological Approaches to Social Sciences and Knowledge Management / [ed] Asunción López-Varela, Rijeka: InTech, 2012, p. 375-392Chapter in book (Other academic)
  • 14.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    Millennium Development Goals2009In: International Encyclopedia of Public Policy: Vol. 1 : Governance in a Global Age / [ed] Phillip Anthony O’Hara, Perth: GPERU , 2009, p. 360-371Chapter in book (Other academic)
  • 15.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    Mind and Monetary Arrangements: A Method to Assess Monetary Heuristics in Historical Time2012Conference paper (Other academic)
    Abstract [en]

    In order to theoretically analyze, from the perspective of new monetary economics and social learning, the evolution of monetary arrangements with functional separation of money, this paper develops a method to study this phenomenon in the history of monetary arrangements of the North and Baltic Seas region, from the Hanseatic League onwards. The aim is to do historical economics, analyzing history from the perspective of the economic theorist, while the approach is topic-oriented rather than discipline-oriented, involving economics, history, and cognitive science. The focus will be on the cognitive aspect of money as social institution. This implies multiple methods. The evolution of units of account and media of exchange are adaptive responses by human minds. The focus will be on the heuristics of long-distance traders in the Baltic and North Seas region, expressed in the form of units of account and media of exchange they used and their success in the contemporary trading environments. Lessons for monetary separation with an abstract unit of account compared with one based on a commodity bundle will be developed. This involves the identification of the unit of account in which contracts and calculations were made and what media of exchange were used to make the payments. From a cognitive perspective, the medium of account provides a script that translates the unit of account into a particular worth. When the value of the underlying commodity bundle changes from the original worth, market agents observe a script deviation of that bundle, attributing thatto changes in the commodity space, and adjust the bundle accordingly. This method will be developed to be able to study four historical cases: Hanseatic monetary arrangements, seventeenth century banking, the gold standard and the unification of monetary functionsand nineteenth century monetary unions,and interwar monetary fragmentation.

  • 16.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    Money and Capital2017Conference paper (Other academic)
  • 17.
    Marmefelt, Thomas
    Internationella Handelshögskolan, Högskolan i Jönköping.
    Network Commitment as Institutional Endowment and the Evolution of Bank-Industry Networks in Sweden and France1997In: Scandinavian Economic History Review, ISSN 0358-5522, E-ISSN 1750-2837, Vol. 45, no 3, p. 244-256Article in journal (Refereed)
  • 18.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    On the Pathology of Money and Credit: Policy Responses to the Large-Scale Crises of 1929 and of 20082018Conference paper (Other academic)
  • 19.
    Marmefelt, Thomas
    Södertörn University College, School of Social Sciences, Economics.
    [Review of] Benedetto Gui, Robert Sugden (eds). Economics and Social Interaction : Accounting for Interpersonal Relations. Cambridge: Cambridge University Press, 20052008In: The Review of Austrian Economics, ISSN 0889-3047, Vol. 21, no 1, p. 103-106Article, book review (Other academic)
  • 20.
    Marmefelt, Thomas
    Södertörn University College, School of Political Science, Economics and Law, Economics.
    [Review of] Paul H. Rubin (2002), Darwinian Politics : The Evolutionary Origin of Freedom, New Brunswick, NJ, and London: Rutgers University Press2005In: The Review of Austrian Economics, ISSN 0889-3047, Vol. 18, no 1, p. 117-119Article, book review (Other academic)
  • 21.
    Marmefelt, Thomas
    Södertörn University College, School of Social Sciences, Economics.
    [Review of] The Moral Conditions of Economic Efficiency by Walter J. Schultz; Intersubjectivity in Economics: Agents and Structures, edited by Edward Fullbrook2007In: Review of social economy, ISSN 0034-6764, E-ISSN 1470-1162, Vol. 65, no 4, p. 496-502Article, book review (Other academic)
  • 22.
    Marmefelt, Thomas
    Internationella Handelshögskolan, Högskolan i Jönköping.
    Schumpeterian Banker-Entrepreneur Interaction and the Spontaneous Evolution of Bank-Industry Networks: Why Institutional Endowments Matter1998In: Institutions and Economic Change: New Perspectives on Markets, Firms, and Technology / [ed] Klaus Nielsen och Björn Johnson, Cheltenham: Edward Elgar Publishing, 1998, p. 200-211Chapter in book (Other academic)
  • 23.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    Seventeenth Century Banking: Amsterdamsche Wisselbank, Stockholms Banco, and Their Consequences for Monetary Evolution2015In: On conference website, 2015Conference paper (Other academic)
  • 24.
    Marmefelt, Thomas
    Södertörn University College, School of Social Sciences, Economics.
    Small Nation Viability2009In: International Encyclopedia of Public Policy: Vol. 3 : Public Policy and Political Economy / [ed] Phillip Anthony O’Hara, Perth: GPERU , 2009, p. 620-631Chapter in book (Other academic)
  • 25.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics.
    Social Dynamics, Evolution, and the Unity of Social Sciences: Kenneth Boulding in the Light of Friedrich von Hayek and John Searle2013In: Interdisciplinary Economics: Kenneth E. Boulding's Engagement in the Sciences / [ed] Wilfred Dolfsma & Stefan Kesting, London & New York: Routledge, 2013, p. 88-109Chapter in book (Other academic)
  • 26.
    Marmefelt, Thomas
    Södertörn University, School of Social Sciences, Economics. Åbo Akademi University, Finland.
    The History of Money and Monetary Arrangements: Insights from the Baltic and North Seas Region2018Book (Refereed)
1 - 26 of 26
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