Karthik: you might look at Modern Money Theory, which integrates a large number of heterodox approaches to money, including institutionalist perspectives. It also details the current operational procedures adopted in a number of countries that coordinate activities of central banks and treasuries. See work by Stephanie Bell/Kelton and Scott Fullwiler. It begins with the institutionalist view of money as an institution—not a “thing”; the best work on that is by Geoff Ingham. MMT is, I think, the only approach to currency that is fully consistent with the views of the institutionalst Fagg Foster, who claimed that whatever is technically feasible is financially affordable. It also stresses stock-flow consistency (Godley) as well as the potential for instability in the financial sector. And it has incorporated the history of money—such as we know it—into the analysis.
I am a researcher at Erasmus University in Rotterdam, The Netherlands, working on money, currency and their role in ‘market design’. After looking at various ‘schools’ within Economics, it seems to me that Institutionalism and Evolutionary Economics are critical areas to examine for my research. My interest in economics started with a reading of Veblen, but when I try to get into institutional research today, I find the arena extremely confusing! I am currently reading Malcolm Rutherford’s “Institutions in Economics: The Old and the New Institutionalism” to get my bearings straight before I explore further.
In the meantime, I was wondering if any of you might be kind enough to recommend readings that cover the Institutionalist perspective on money/currency (all flavours of institutionalism welcome)
Also, suggestions on ‘core readings’ or ‘seminal works’ on institutions and evolutionary economics would also be greatly appreciated.