Exploring for How Value for Money from the Perspective of an Interest-Free Money Economy; a Comparative Study Based on Classical Economics

Abbas Shakeri / Professor, Faculty of Economics, Allameh Tabatabai University shakeri

                                                                                                                       abbas@gmail.com

Farshad Momeni / Professor, Faculty of Economics, Allameh Tabatabai University farshad

                                                                                                                                   momeni@gmail.com

Hassan Sobhani / Professor, Faculty of Economics, University of Tehran                sobhanihs@ut.ac.ir

Mohammad Mehdi Mojahedi Mokher / Assistant Professor, Faculty of Economics, Allameh Tabatabai University        mojahedi@atu.ac.ir

@ Bashari Besharati / Allameh Tabatabai University PhD student                    besharati_eco@yahoo.com

Received: 2020/04/10 - Accepted: 2020/08/24

Abstract

One of the most ongoing issues for thinkers is discussion of the essence of money and extensive literature has been formed in this field because of the complexity of monetary systems. This study examines the selected theories of classical economists and Muslim thinkers who have researched in this field seeks to investigate the cause of the value for money and its relationship to monetary interest for using a comparative-reasoning method. It is not possible to cash yield for money according to the concepts of cash and non-cash yields to assets. Positive or negative non-cash returns are also generated if the nominal and real value of money, which the issuer is obliged to maintain, are not equal and become a real commodity. Also, first non-cash yields are not certain and continuous because of the essence of money, second, it belongs to who has money. a person has money is borrower based on debt agreement, no legal-economic justification for interest can be considered because of the yield to cash and Interest in its monetary system disrupts the criterion of counting values and deviates the function of money from the philosophy of its origin.

Key words: money, value for money, yield, interest, usury

JEL: E42, E40, B12.