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| Author: | Kocherlakota, N. R. |
| Title: | Money is memory |
| Journal: | Journal of Economic Theory
1998 : AUG, VOL. 81:2, p. 232-251 |
| Index terms: | TECHNOLOGICAL CHANGE ECONOMIC THEORY MODELS |
| Language: | eng |
| Abstract: | The paper examines the sets of feasible allocations in a large class of economic environments in which commitment is impossible. The environments feature either money or memory. Memory is defined as knowledge on the part of an agent of the full histories of all agents with whom he has had direct or indirect contact in the past. Money is defined as an object that does not enter production or utility functions, and is available in fixed supply. The main proposition is that any allocation that is feasible in environment with money is also feasible in the same environment with memory. Depending on the environment, the converse may or may not be true. Hence, from a technological point of view, money is equivalent to a primitive form of memory. |
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