The sociology of personal finance
DOI:
https://doi.org/10.1016/S1057-0810(99)00008-6Abstract
Finance in general and personal finance, in particular, assume that there is a pure market money. The financial resources of a business or a household are taken to be a single mass made up of indistinguishable dollars, marks, yen, pounds, francs, or whatever. Consequently, we are free to devise “rational rules” for managing this mass, for prescribing how a business or household should choose the appropriate forms of money and the appropriate accounts for money without having to look more closely at the money itself. In this paper, we argue that rational behaviour is a more complex and richer process than simply valuing market money, since there are qualitative characteristics attached to any money, however defined. © 1998 Elsevier Science Inc. All rights reserved.
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