Authors
1 professor in Economic, Tehran University
2 Assistant professor in Economic, research institute of hawzeh & university
3 faculty member of Allameh Tabatabaie university
Abstract
This paper deals with the nature and function of money in conventional (western) theory. This is also an important issue for Islamic economists. In conventional theories money can be categorized in two major forms; Money as a commodity (metalism), and money as a claim (chartalism). This paper argues that conventional theory on money is not fully satisfactory on the role and function of money in either of its theoreizing forms. It examines the flaws and short comings of money in all its forms and concepts and calls for new concepts in theoreizing within Islamic paradigm of economic thought.
Keywords
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