skip to content

Faculty of Economics

Journal Cover

Lawson, T.

Debt as Money

Cambridge Journal of Economics

Vol. 42(4) pp. 1165–1181 (2018)

Abstract: Money is positioned bank debt. This is a thesis I have previously defended in this journal. In the current paper, I elaborate the thesis and provide further grounding for it, especially in the light of criticism by others. In so doing, I examine how positioned bank debt as money works and how, in one case at least, it originally emerged

Keywords: Money, Credit/debt, Social ontology, Social positioning, Means of payment, Purchasing power, Legal tender, Liquidity, Rights, Obligations

JEL Codes: B3, B2, B1, B4, B5, B00, P1, A1, N00, P00

Author links: Tony Lawson  

Publisher's Link: https://academic.oup.com/cje/article/42/4/1165/5054022



Papers and Publications



Recent Publications


Faraglia, E., Marcet, A., Oikonomou, R. and Scott, A. Government Debt management: the Short and the Long of it Review of Economic Studies [2019]

Onatski, A. and Wang, C. Alternative Asymptotics for Cointegration Tests in Large VARs Econometrica [2018]

Fruehwirth, J., Iyer, S. and Zhang, A. Religion and Depression in Adolescence Journal of Political Economy, forthcoming [2019]

Corsetti, G., Mavroeidi, E., Thwaites, G. and Wolf, M. Step away from the zero lower bound: small open economies in a world of secular stagnation Journal of International Economics [2019]