The sociology of personal finance

Authors

  • Chris Robinson Associate Professor of Finance, Schulich School of Business, York University, North York, Ontario M3J 1P3, Canada
  • Elton G. McGoun Associate Professor of Finance, Department of Management, Bucknell University, Lewisburg, PA 17837, USA

DOI:

https://doi.org/10.1016/S1057-0810(99)00008-6

Abstract

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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Published

1998-09-30

How to Cite

Robinson, C., & McGoun, E. G. (1998). The sociology of personal finance. Financial Services Review, 7(3), 161–173. https://doi.org/10.1016/S1057-0810(99)00008-6

Issue

Vol. 7 No. 3 (1998): Financial Services Review

Section

New Original Submission

License

Copyright (c) 1998 JAI Press Inc.

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