Nonneutrality of Money in a Social Perspective

Abstract

The concept of nonneutrality of money is one of the most controversial concepts in the economic theory. Existing theories demonstrate that money is neutral (purely monetary phenomena do not yield real outcomes), but they are based upon assumptions that are unacceptable from the point of view of the complexity of social reality. Rejection of the assumption that the only motive of economic activity is to maximize wealth allows to notice a variety of social, cultural and psychological factors influencing the social meaning and use of money which could be introduced into socio-economic models of monetary phenomena. The aim of this paper is to discuss some results of sociological research linked to the concept of nonneutrality of money. The emphasis is put mostly on the role of individual attitudes toward money. The novelty of this paper consists in linking the concepts of relative deprivation and nonneutrality of money under monetary integration.