Money, Monetary Theories, Classical, Neo Classical, quantity theory

Money, the most complex idea to understand is labelled a subject of disagreement and a thorough confusion among economists. Money has been fortunate enough a topic to receive ample attention from the philosophers. The economic literature is replete with theories concerning the understanding and behavior of money from different historic eras. The present-day knowledge of money is very limited when it comes to understanding what actually it can be. Most of the common strata of people believe that money is something that is determined by the governments. People generally hold the view that citizens have a legitimate duty incumbent upon them to honor the payment systems stipulated by the authorities. This Research Paper aims at bringing together most of the prominent contributions of the greatest philosophers of money and clearly demarcates various schools of monetary thought be it the Classical, Neo-Classical or the Heterodox. The aims of this chapter are to review the relevant theories concerning the understanding of money, to present the monetary dogmas of historical times in proper chronological order, to establish a link between the predecessor and the successor, to elaborate on the most obscure confusions and their causes in an easy to understand parlance and to deviate from the mainstream to discuss the Heterodox yet appealing school of thought.