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This paper analyzes key aspects of Marx's theory of money in order to reassert its continued relevance for understanding monetary developments in contemporary capitalism. Unlike theorists who become preoccupied with particular functions and forms of money, Marx develops a comprehensive concept of money integrating its various functions and emphasizing the socio-economic basis of its existence. Money performs different functions including a measure of value, a means of purchase/exchange, a means of payment, and a means of hoarding, which are independent of money's concrete forms. The functions of money as a means of purchase and means of payment relate to each other as money (income) and credit (money), which are fundamentally different. The quantity and availability of credit (money) may be influenced by the activities of the central bank and the private banking system. Credit (money), however, can only become money (income) if and when it enters the domain of social production as an embodiment of the value of social labor and social purchasing power. This inextricable link between money and social production sets natural limits to the ability of monetary policy to influence both monetary and non-monetary developments in contemporary capitalism. An analysis grounded in Marx's theory of money can provide insights into a range of contemporary monetary phenomena including hoarding, the rush to liquidity during financial crises, the scramble for government debt as a source of ultimate liquidity, and the limits to conventional and unconventional monetary policy. JEL Classification: E4, E5, B51, E6 [ABSTRACT FROM AUTHOR]

We report two investigations into compulsive shopping behavior. The first showed that compulsive shoppers are obsessive in acquiring certain classes of product. Compared to normal shoppers, they spend more money on these products and shop for them more frequently. The second study showed that an obsession with acquiring these products rather than a desire to collect or hoard them is a significant factor in producing compulsive shopping behavior. This is consistent with the notion that compulsive shopping is an addictive habit reinforced by the relief from craving produced by the act of purchasing particular products. In our Taiwanese but not in our British sample, compulsive shopping led to hoarding behavior. This implies that the Taiwanese are more reluctant to discard items that they do not use. We discuss cultural factors that may account for this finding. [ABSTRACT FROM AUTHOR]

We introduce and analyse linear systems of hyperbolic partial differential equations that model the replacement and hoarding of currency. The goal is to deduce the hoarding behavior from observations of circulating bills. The large time asymptotics of the models is identified in all cases. The mathematical analysis is novel, partly because of nonstandard boundary conditions. To identify parameters we suggest the measurement of the age histogram of notes, the rate of growth, and the retard in wear of notes due to hoarding. In our models that suffices to identify all but one quantity. [ABSTRACT FROM AUTHOR]

Restocking has conventionally been viewed as a short-term relief or recovery intervention initiated by development agencies for the benefit of destitute pastoralists. In contrast, this case study discusses a community-initiated and -organized restocking strategy to alleviate poverty with support from a development agency. The case study outlines the process that occurred in the Samburu district of northern Kenya through which a number of communities designed restocking programs to meet their perceived needs. It presents results of the program, constraints, and contrasts with more conventional restocking approaches. This study shows the potential for asset-building approaches in the African context and the synergistic effects of linking local cultural traditions with participatory development approaches. [ABSTRACT FROM AUTHOR]

The article discusses the significance of the paper money system for nationalization. It is noted that the history of the emergence of national paper money indicated that it is equally important to consider the manner in which people became bound to the future of the state. The money system contributed to the production of the spatiotemporal boundaries that mark the nation-state. Furthermore, the national paper currency came out of the transmigration of the private hoard into a public sector. Meanwhile, it is suggested that the public authority must establish new signs that are radically separated from any natural signs that foreigners could recognize.

Abstract: Although compulsive hoarding appears to be a chronic, progressive disorder, little is known about its onset and course. The current study employed retrospective assessment of 51 individuals with compulsive hoarding difficulties to determine onset of various hoarding symptoms (clutter, acquisition, difficulty discarding), as well as the individual''s degree of recognition of the problem at various times throughout his or her life. Participants were asked to describe life events from each decade that occurred at the time hoarding symptoms were developing. Symptoms of clutter and difficulty discarding appeared to begin at approximately the same age, whereas acquiring problems began slightly later. Recognition of the problem developed significantly later than any of the symptoms themselves. A portion of participants reported that their hoarding symptoms were reduced at some point in their lives, but few reported full remission of hoarding at any point. Survival analysis of age of onset of hoarding symptoms indicated that individuals who reported a stressful event when saving behavior started had a significantly later age of onset than those who reported no events at the age of onset. Perhaps for some individuals compulsive hoarding is a lifelong characterological phenomenon, whereas for others hoarding behavior develops later as a reaction to stress or loss. [Copyright &y& Elsevier]

How markets perform during famines has long been a contentious issue. Recent research tends to associate famine with market segmentation and hoarding. Evidence based on an analysis of the spatial and temporal patterns of food-price movements during four famines in pre-industrial Europe indicates that markets functioned ?normally? in times of crisis. [ABSTRACT FROM AUTHOR]

The formation of money hoards, which underpins the demand for money, is typically treated by mainstream monetary theory as originating in the motives of the rational individual. In contrast, Marx’s discussion of money hoarding treats hoard formation as a necessary tendency of capitalist production and circulation rather than as a result of the individual’s predilections. Based on Marx’s analysis, this article identifies several structural reasons for money hoard formation in the circuit of capital. It is also shown that Marx’s discussion, despite its insight, suffers from a technical error in analysing the overlapping of production and circulation time in the circuit, and in drawing the implications for hoarding. Finally, it is argued that the broader significance of capitalist money hoarding lies in the foundations it provides for the emergence of the credit system. [ABSTRACT FROM AUTHOR]

Who has not known a tightwad? Yet this pervasive consumer trait—being frugal—has been ignored in the scholarly consumer behavior literature. This research articulates the nature of this overlooked consumer trait and then develops, evaluates, and empirically applies a multi-item scale of frugality. The results from a six-study program of empirical research are reported. These studies describe (1) the psychometric properties of a frugality measure, (2) demonstrations of how frugality assists the empirical study of consumer usage and acquisition behaviors, and (3) frugality scale norms from a probability sample of the general adult population. [ABSTRACT FROM AUTHOR]

Examines the hypotheses about compulsive hoarding, buying and beliefs about saving and discarding. Findings on the first series of studies on compulsive hoarding; Information on multiple regression analysis; Indications of the analysis of the Hoarding Scale.

A response by Stephen Gudeman to a letter to the editor about his article on hoarding is presented.

The target article authors have been drawn into two metaphoric models of attitudes toward money that have prevented them from developing a convincing evolutionary theory able to account for the various behaviors they list and categorize as either tool-type or drug-type. Instead, hoarding could provide an evolutionary model that is better supported by behavioral and neurological evidence and could account for the whole range of behaviors they review. Moreover, the authors' focus on money as the common denominator of these behaviors brings an ideological bias to their inquiry. [ABSTRACT FROM AUTHOR]

Money does not stimulate receptors in mimicry of natural agonists; so, by definition, money is not a drug. Attractions of money other than to purchase goods and services could arise from instincts similar to hoarding in other species. Instinctual activities without evolutionary function include earning a billion and writing for BBS. [ABSTRACT FROM AUTHOR]

A quiz concerning the impact of hoarding in the token revenue of Toronto Transit Commission (TTC) is presented.

A letter to the editor is presented in response to the article on hoarding and credit crunch.