American Journal of Economics and Sociology最新文献

Gesell's Stamp Scrip in the 21st Century: Deeply Negative Interest Rates at Last? 21世纪的格塞尔邮票券：最终的深度负利率？

IF 1.8 4区经济学

American Journal of Economics and Sociology Pub Date : 2026-09-09 Epub Date: 2026-04-15 DOI: 10.1111/ajes.70046

Willem H. Buiter

{"title":"Gesell's Stamp Scrip in the 21st Century: Deeply Negative Interest Rates at Last?","authors":"Willem H. Buiter","doi":"10.1111/ajes.70046","DOIUrl":"https://doi.org/10.1111/ajes.70046","url":null,"abstract":"<div>\u0000 \u0000 <p>Gesell's advocacy of possibly deeply negative interest rates on money to stimulate aggregate demand has become highly relevant between the Great Financial Crisis (GFC) of 2007–2010 and the inflationary recovery from the Covid Pandemic in 2021. Central bank policy rates were constrained by the effective lower bound (ELB) on nominal interest rates created by the existence of a monetary asset with a zero rate of interest—paper currency and coins—with low carry costs. Large-scale expansions in the monetary base associated with Quantitative Easing (QE) to stimulate aggregate demand did little to boost the economy at the ELB, confirming another proposition of Gesell. QE to support or restore the effective functioning of systemically important financial markets can make sense. A recurrence of episodes where the ELB is preventing monetary policy from stimulating aggregate demand is certainly possible. Modern digital technology makes it possible to issue a new form of widely used money capable of carrying any size interest rate—negative or positive. Zero interest coin and paper currency would be abolished. A retail central bank digital currency, managed either in a centralized manner or on a permissioned or permissionless blockchain, that can be used for both online and offline transactions and without size caps on accounts and transactions, would eliminate the ELB and restore the ability of monetary policy to stimulate aggregate demand when this requires a possibly deeply negative interest rate on money. It is time to create this 21st-century version of Gesell's Stamp Scrip.</p>\u0000 </div>","PeriodicalId":47133,"journal":{"name":"American Journal of Economics and Sociology","volume":"85 4","pages":"543-550"},"PeriodicalIF":1.8,"publicationDate":"2026-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148909834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Silvio Gesell: Beyond Left Versus Right 西尔维奥·格塞尔：超越左与右

IF 1.8 4区经济学

American Journal of Economics and Sociology Pub Date : 2026-09-09 Epub Date: 2026-04-01 DOI: 10.1111/ajes.70040

Josh Sidman

{"title":"Silvio Gesell: Beyond Left Versus Right","authors":"Josh Sidman","doi":"10.1111/ajes.70040","DOIUrl":"https://doi.org/10.1111/ajes.70040","url":null,"abstract":"<div>\u0000 \u0000 <p>Many people think of the range of economic ideas as lying along a linear spectrum with capitalism on one end and communism on the other, otherwise referred to as Left versus Right. This is an artificially narrow framework, which has a variety of harmful consequences. It implies that there are only two possible directions in which we can move in order to solve our problems. It also divides people into two opposing camps, each of which refuses to engage in constructive criticism of their “side.” And it excludes any perspectives, which do not fit within that artificially narrow framework. Silvio Gesell developed an analysis of the problems with the capitalistic status quo, which cannot be located within the Left-vs-Right spectrum. If his analysis was correct, the first thing that must be done in order to create the conditions necessary to implement his proposals is to dismantle the framework itself. In order to do this, we must revisit some basic terms and refine our definitions of capitalism, the “free-market system,” socialism and Marxism. Once we have done so, it becomes clear that, far from being opposed or mutually exclusive, the ideals of free markets and of socialism are in fact compatible and complementary. This is, of course, completely contrary to conventional economic thinking. That does not reflect any analytical shortcomings of Gesell's perspective. Rather it highlights the fact that the framework within which we think about the subject of economics is one of the most important obstacles to finding and implementing the solutions we need to build a more robust, fair and stable economy.</p>\u0000 </div>","PeriodicalId":47133,"journal":{"name":"American Journal of Economics and Sociology","volume":"85 4","pages":"441-447"},"PeriodicalIF":1.8,"publicationDate":"2026-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148909850","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Henry George and Silvio Gesell: The Odd Couple 亨利·乔治和西尔维奥·格塞尔：奇怪的一对

IF 1.8 4区经济学

American Journal of Economics and Sociology Pub Date : 2026-09-09 Epub Date: 2026-04-02 DOI: 10.1111/ajes.70039

Dirk Loehr

引用次数: 0

Silvio Gesell and the Creation of Macroeconomics in Argentina: National and International Impact 西尔维奥·格塞尔与阿根廷宏观经济学的创立：国内和国际影响

IF 1.8 4区经济学

American Journal of Economics and Sociology Pub Date : 2026-09-09 Epub Date: 2026-05-05 DOI: 10.1111/ajes.70051

Carlos Fernando Louge

{"title":"Silvio Gesell and the Creation of Macroeconomics in Argentina: National and International Impact","authors":"Carlos Fernando Louge","doi":"10.1111/ajes.70051","DOIUrl":"https://doi.org/10.1111/ajes.70051","url":null,"abstract":"<div>\u0000 \u0000 <p>Economist and entrepreneur Silvio Gesell was the legitimate creator of the subject of macroeconomics as an autonomous discipline, the driving force behind the abandonment of the fixed and rigid gold standard in Argentina (which was in force until 1899) as well as a legislative reform package known as the “Tornquinian Reform.” That reform in monetary theory replaced the “theory of value” with the “theory of prices” and promoted the use of a general price index as a substitute for the previous gold-based system of measuring prices. This reform led to international awareness of Gesell's economic theories due to their great success in Argentina. His ideas were also the foundation of subsequent Keynesian economic theory, the basis for economic development in the 20th century throughout the world to the present day. The innovation and technical modernization of Gesell's analysis played a key role in the reform of the international monetary system through its influence on J. M. Keynes' BANCOR proposal which was based on Gesell's IVA model. Other key concepts pioneered by Gesell were the use of negative interest rates and stabilizing monetary velocity to eliminate speculative, financial, and economic bubbles and to transform economic development into a stable and predictable process. After having been ignored for decades, Gesell's impact is becoming a subject of widespread study in recent years.</p>\u0000 </div>","PeriodicalId":47133,"journal":{"name":"American Journal of Economics and Sociology","volume":"85 4","pages":"489-498"},"PeriodicalIF":1.8,"publicationDate":"2026-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148909938","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Gesell's Natural Economic Order as a Blueprint for a “Fairconomy” and a Sustainable Future 格塞尔的自然经济秩序是“公平经济”和可持续未来的蓝图

IF 1.8 4区经济学

American Journal of Economics and Sociology Pub Date : 2026-09-09 Epub Date: 2026-03-25 DOI: 10.1111/ajes.70037

Felix Fuders

引用次数: 0

Designing Money for a Natural Interest Rate of Zero—An Exergy-Based Monetary System 为自然利率为零的货币设计——基于能量的货币体系

IF 1.8 4区经济学

American Journal of Economics and Sociology Pub Date : 2026-09-09 Epub Date: 2026-03-26 DOI: 10.1111/ajes.70038

Lothar Krätzig-Ahlert, Felix Fuders

{"title":"Designing Money for a Natural Interest Rate of Zero—An Exergy-Based Monetary System","authors":"Lothar Krätzig-Ahlert, Felix Fuders","doi":"10.1111/ajes.70038","DOIUrl":"https://doi.org/10.1111/ajes.70038","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper proposes a new design for a monetary system grounded in the laws of physics and in which the rate of interest would converge to zero as envisioned by Silvio Gesell. Drawing on the first and second laws of thermodynamics, the concept of exergy is introduced as a biophysical numeraire that directly links monetary circulation to real productive activity. The proposed framework replaces the exponential growth logic inherent in interest-bearing money with a logistic growth model reflecting the finite carrying capacity of ecological systems. Money creation is strictly limited by the annually harvested exergy used in economic production and implemented through a transparent institutional procedure. Since exergy cannot reproduce itself, interest-bearing money creation becomes physically infeasible, leading endogenously to a natural interest rate of zero. The paper discusses implications for economic stability, banking, investment behavior, and sustainability, arguing that an exergy-based monetary architecture would enable a stationary flow equilibrium without a systemic growth imperative.</p>\u0000 </div>","PeriodicalId":47133,"journal":{"name":"American Journal of Economics and Sociology","volume":"85 4","pages":"551-558"},"PeriodicalIF":1.8,"publicationDate":"2026-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148910029","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Web3 and Demurrage Money Web3和滞期费

IF 1.8 4区经济学

American Journal of Economics and Sociology Pub Date : 2026-09-09 Epub Date: 2026-04-02 DOI: 10.1111/ajes.70044

George Lovegrove

{"title":"Web3 and Demurrage Money","authors":"George Lovegrove","doi":"10.1111/ajes.70044","DOIUrl":"https://doi.org/10.1111/ajes.70044","url":null,"abstract":"<p>This article explores the application of demurrage money, a concept developed by Silvio Gesell, into Web3. Demurrage money, designed to discourage the hoarding of currency and prevent economic stagnation and concentrations in wealth, offers a potential remedy for the problems of traditional fiat and gold-backed monetary systems. The article presents an overview of Web3, highlighting its core principles such as being decentralized, permissionless, community governed, and programmable. It critiques the limitations of current Web3 cryptocurrencies, particularly Bitcoin and other networks that have emerged since. By design these networks enable excessive asset storage and face sustainability challenges such as governance centralization and inadequate ecosystem funding. The article proposes that the implementation of a network coin tax, as a form of demurrage, would help to incentivize productive economic activity, decentralize coin ownership, provide reliable funding for node operators and ecosystem development and create opportunities for large-scale public goods funding. Various monetary supply models are discussed, evaluating their compatibility with demurrage systems. The article concludes that demurrage based economic systems could lead to more resilient, equitable and sustainable Web3 ecosystems that have significant potential for making a global societal impact.</p>","PeriodicalId":47133,"journal":{"name":"American Journal of Economics and Sociology","volume":"85 4","pages":"559-564"},"PeriodicalIF":1.8,"publicationDate":"2026-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajes.70044","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148909852","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Silvio Gesell: Pragmatic Businessman and Economic Visionary 西尔维奥·格塞尔：务实的商人和经济远见者

IF 1.8 4区经济学

American Journal of Economics and Sociology Pub Date : 2026-09-09 Epub Date: 2026-04-10 DOI: 10.1111/ajes.70047

Santiago Gesell

{"title":"Silvio Gesell: Pragmatic Businessman and Economic Visionary","authors":"Santiago Gesell","doi":"10.1111/ajes.70047","DOIUrl":"https://doi.org/10.1111/ajes.70047","url":null,"abstract":"<div>\u0000 \u0000 <p>This article provides a biographical sketch of Silvio Gesell's life from an insider perspective. Recounting Gesell's birth, family life and education, the narrative describes how the multilingual, multicultural environment he grew up in, as well as an innate tendency toward independent thought, gave him the equipment to succeed in international business. Running a business in Argentina amidst the turbulence of 1890s enabled him to develop a deep understanding of economics and money. Although the unconventional nature of his economic analysis caused it to be largely ignored at first, Gesell worked assiduously to spread his ideas. His success in business provided him with the financial resources which would allow him to develop his ideas and proposals, which he promoted on both sides of the Atlantic, going back and forth between Argentina and Europe throughout his life. Ever the pragmatic man of action, Gesell even joined a socialist government in Bavaria as economics minister (despite having little ideological common ground with the government he served in). After the government fell, Gesell was imprisoned along with other leaders and mounted a successful self-defense which resulted in him being exonerated and freed. One is left to wonder if Gesell had any inkling of the significance of ideas, since most of the appreciation of his work came long after his death in 1930.</p>\u0000 </div>","PeriodicalId":47133,"journal":{"name":"American Journal of Economics and Sociology","volume":"85 4","pages":"425-428"},"PeriodicalIF":1.8,"publicationDate":"2026-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148909909","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Gesell: The Revolution Still Waiting to Happen Taking Stock of an Anarchistic Dream After 30 Years of Militancy 格塞尔：革命仍在等待发生——在30年的战斗之后盘点一个无政府主义的梦想

IF 1.8 4区经济学

American Journal of Economics and Sociology Pub Date : 2026-09-09 Epub Date: 2026-04-16 DOI: 10.1111/ajes.70042

Guido G. Preparata

{"title":"Gesell: The Revolution Still Waiting to Happen Taking Stock of an Anarchistic Dream After 30 Years of Militancy","authors":"Guido G. Preparata","doi":"10.1111/ajes.70042","DOIUrl":"https://doi.org/10.1111/ajes.70042","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper reassesses the legacy of Silvio Gesell and the fate of the anarchistic monetary reform tradition inspired by Pierre-Joseph Proudhon. It argues that Gesell's proposal of “perishable money” (demurrage) provides the missing theoretical key to the long-standing problem of interest and rent, reframing them as institutional mechanisms of systemic rent extraction. The article reconstructs the intellectual genealogy leading from the Proudhon–Bastiat debate to Gesell's synthesis, and examines how Marxism, marginalism, Keynesianism, and libertarianism successively marginalized or neutralized this tradition. It contends that modern economics has obscured the political nature of money and the role of banking in sustaining oligarchic structures of power. The paper also reflects on the author's three decades of advocacy for Gesellian reform and the persistent institutional resistance encountered. Despite renewed interest in negative rates, complementary currencies, and cryptocurrencies, the essay concludes that the radical institutional implications of Gesell's project remain largely unacknowledged, leaving his “revolution” still waiting to happen.</p>\u0000 </div>","PeriodicalId":47133,"journal":{"name":"American Journal of Economics and Sociology","volume":"85 4","pages":"471-487"},"PeriodicalIF":1.8,"publicationDate":"2026-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148909836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Theories of Interest and Their Relation to the Gesell–Keynes Theory 利益理论及其与格塞尔-凯恩斯理论的关系

IF 1.8 4区经济学

American Journal of Economics and Sociology Pub Date : 2026-09-09 Epub Date: 2026-03-25 DOI: 10.1111/ajes.70034

Ahmed Anwar

引用次数: 0