7/31/2019 A Philosophical Treatise on Money - Subramanian A

1/3

[AZGDE @I :>>3 MZIF JIIL 3: HDXAH 3

XBFDW 4773.

r~a`hgxqza g{ desdw{ d jqzha` d`h {ifaxgfa{ a}a` sa fdw kqz{a cih d`h iqz {xdz{. Xbaza dza xsi

}gasg`c d`cea{. Xihdw% sa fdw zakag}a d` q`ar~akxah g`kifa d`h xifizzis sa fdw g`kqz d`

q`ar~akxah ar~a`hgxqza. Iqz `dxqzde zadkxgi` siqeh ja xbdx sa dza q`eqklw xi a`oiw xba q`ar~akxah

g`kifa. Jqx gm sa eiil dx xba ~ba`ifa`i` mzif d hgmmaza`x d`cea% sa kd` {aa xbdx dmxaz dee cih g{ lg`h

a`iqcb% fazkgmqe. Cih bd{ cg}a` q{ {ifa q`ar~akxah g`kifa miza{aag`c iqz q`ar~akxah ar~a`hgxqza.

Sbdx siqeh bd}a jaa` iqz {gxqdxgi` g` xba kd{a im ar~a`hgxqza bdh sa `ix zakag}ah xba g`kifa9 Sa

mdge xi zameakx i` xbg{ g{{qa. Sa oq{x bd}a d` gee maaeg`c xbdx iqz g`kifa bd{ ci`a.

Xbaza dza xsi {gxqdxgi`{. D` q`ar~akxah ar~a`hgxqza fdw mieeis d` q`ar~akxah g`kifa. D`

q`ar~akxah g`kifa kd` mieeis d` q`ar~akxah ar~a`hgxqza. G` jixb xba {gxqdxgi`{% iqz ca`azde

zadkxgi`{ dza hgmmaza`x. G` xba mgz{x kd{a% sa fdw xa`h xi maae xbdx sa dza q`eqklw. G` xba {aki`h kd{a%

sa fdw xa`h xi maae xbdx dmxaz dee sa dza d eqklw eix% cih g{ fazkgmqe d`h xbdx iqz {xdz{ dza md}izdjea.

Sbw {biqeh sa bd}a d `acdxg}a xbg`lg`c g` xba mgz{x kd{a d`h d ~i{gxg}a dxxgxqha g` xba {aki`h kd{a9

Cih g{ fazkgmqe g` jixb kd{a{. G` jixb kd{a{% sa bd}a g`kqzzah ar~a`hgxqza d`h zakag}ah d` g`kifa%

agxbaz czadxaz iz ea{{az xbd` xba dfiq`x im ar~a`hgxqza. Cih bd{ dkxqdeew {dma cqdzhah q{ g` jixb

kd{a{. Sa hi `ix bd}a xba dxxgxqha xi dkka~x gx& xbg{ g{ xba zade mdkx. G` agxbaz {gxqdxgi`% cih bd{ cg}a`

q{ d` g`kifa sbaxbaz ar~a`hgxqza bd{ jaa` fax jamiza iz dmxaz xba zakag~x im {qkb d` g`kifa. Xba

hgmmaza`ka ega{ i`ew g` xba xgfa mdkxiz d`h g` iqz dxxgxqha xisdzh{ iqz {xdz{ d`h cih q`haz {qkb

ki`hgxgi`{.

Sa {biqeh desdw{ maae czdxamqe xi cih miz bd}g`c ~zi}ghah q{ dx&ead{x xbg{ fqkb. Xbg{ g{ xba zgcbx lg`h

im maaeg`c xbdx sa iqcbx xi kqexg}dxa. A}azw ~a``w zakag}ah bd{ gx{ }deqa.

Gm sa kd` kqexg}dxa d {izx im g`hgmmaza ka xi fi`aw% gx kd` zadeew ~dw zgkb hg}gha`h{ g` iqz egma. Im

kiqz{a% fi`aw g{ `aahah xi ~qee i` iqz egma jqx sa {biqeh `ix kbd{a dmxaz fi`aw miz iqz }azw

7/31/2019 A Philosophical Treatise on Money - Subramanian A

2/3

arg{xa`ka. Xbaza dza ~ai~ea sbi bdh eg}ah g` bqfjea {qzziq`hg`c{ ha{~gxa jag`c zgkb. Fdhdf Kqzga

g{ i`a im xba mg`a{x ardf~ea{ miz xbg{. [ba kiqeh bd}a adz`ah d eix jw {aeeg`c baz i`a czdf im zdhgqf

jqx {ba cgmxah baz ~zakgiq{ ~i{{a{{gi` xi baz Zdhgqf G`{xgxqxa. Dcdg`% {ba kiqeh bd}a eah d eqrqzgiq{

egma sgxb xba fi`aw {ba bdh jdccah iqx im xba xsi @ijae ^zga{ jqx {ba is`ah `ix a}a` d biq{a im

baz is` xgee baz }azw a`h. [ba bdh `ix a}a` d kdz. ^gazza d`h Fdzw ei}ah xi zidf dziq`h g` xbagz is`

jgkwkea{. [ba kiqeh bd}a cg}a` dsdw xba law im baz hg{ki}azga{ miz kiffazkgde ~qz~i{a{ miz d

bd`h{ifa dfiq`x jqx {ba hgh ix hi xbdx. D`wjihw kiqeh mzaaew xdla dsdw xbdx law. [ba desdw{

jaega}ah xbdx l`iseahca sd{ `ix d ~zg}dxa ~zi~azxw. Baz egma {bis{ xbdx {ba hgh `ix l`is bis xi ja

zgkb d`h bis xi ja ~i~qedz. Dee baz egma sd{ hahgkdxah xi ~qza {kga`xgmgk za{adzkb d`h miz `ixbg`c ae{a.

Fgkbae Mdzdhdw de{i bdh a`iqcb i~~izxq`gxw xi ja zgkb jqx ba de{i hgh `ix ci dmxaz fi`aw. Bg{

{az}gka{ d{ d {kga`xgmgk ar~azx g` kiqzx saza g` czadx hafd`h% d`h ba zakag}ah mg}a xbiq{d`h hieedz{

i`a wadz mzif xbdx {iqzka "hqzg`c xba adzew 42>>{$' sba` xba Ziwde [ikgaxw kiqeh dmmizh xi ~dw bgf

i`ew mg}a bq`hzah hieedz{. Wax% d{ d hahgkdxah {kga`xg{x% ba kbi{a xi cg}a q~ xbg{ eqkzdxg}a mizf im

g`kifa g` izhaz xi ja mzaa xi ~qz{qa bg{ jaei}ah {kga`xgmgk g`}a{xgcdxgi`{. Dcdg`% Mdzdhdw% egla bg{

Dfazgkd` kiq`xaz~dzx% Oi{a~b Ba`zw% bdh `i ha{gza sbdx{ia}az xi ~zimgx ~az{i`deew mzif d`w im bg{

hg{ki}azga{. Xbq{% d{ {ii` d{ d hg{ki}azw {aafah xi ja ha}aei~g`c g`xi d kiffazkgde ~i{{gjgegxw%

Mdzdhdw g`}dzgdjew sa`x i` xi {ifaxbg`c ae{a$ G`{xadh im ~azmakxg`c bg{ hw`dfi iz aeakxzgk ca`azdxiz

miz kiffazkgde cdg`% Mdzdhdw hgzakxah bg{ ammizx{ xisdzh hg{ki}azg`c sbw aeakxzifdc`axgk g`hqkxgi`

bdh ikkqzzah.

Eglasg{a% G kd` tqixa fd w ardf~ea{ mzif xba eg}a{ im czadx ~ai~ea. Fi`aw g{ `ix xba a`h im egma. Gx g{

i`ew xba fad`{. Sa fdw ei{a d fi`axdzw cdg` xihdw jqx fdw {xd`h xi ~zimgx g` kazxdg` ixbaz sdw{.

Sa fdw ei{a jw sdw im kqzza`kw jqx fdw cdg` jw sdw im czdg`{. Xbg{ g{ xba xzqxb. Zaka`xew% Fz. R bdh

xi mizaci kazxdg` deeisd`ka{ i` dkkiq x im hakeg`g`c bg{ ~zifixgi`. Ba sd{ ~i{xah dx d hgmmgkqex dzad

d`h bg{ badexb sd{ `ix mgx miz hdgew xzd}ae. @a}azxbaea{{% ba bd{ `i zaczax{ d{ ba {dw{ xbdx ba bdh

{d}ah fqkb i` bg{ {i`{ ahqkdxgi`. Xba {i` bdh {xqhgah i` fazgx d`h i` ci}az`fa`xde maa{. @i

kd~gxdxgi` maa sd{ cg}a`. [i% d ei{{ dx xba fifa`x g` i`a sdw g{ dkxqdeew d cdg` g` d`ixbaz sdw xbg{

g{ bg{ zameakxgi`.

Sa bd}a xi ~zi~azew q`haz{xd`h {qkb ei{{ d`h cdg` atqdxgi`{. Dkxqdeew {~adlg`c% gx g{ `ix sbdx wiq

dkxqdeew adz` xbdx kiq`x{ jqx sbdx wiq dkxqdeew {d}a xbdx hakgha{. G imxa` {aa xbdx ~ai~ea im bgcb

~i{gxgi`{ eadh d szakl&ea{{ egma d`h {tqd`haz xbagz sadexb g` sg`a d`h sifd`. Sbdx g{ xba q{a gm ba

cax{ xsi fiza g`kzafa x{ iz `ix9 Xbg{ g{ sbdx sa bd}a xi eadz` g` iqz egma. I`a `aah `ix ja {~a`h

xbzgmx. G mg`h xbdx xba ~za{a`x ca`azdxgi` g{ zdxbaz kdzaea{{ g` xzwg`c xi {d}a fi`aw miz xbagz mqxqza.

Sgxb bd`h{ifa {dedzga{ g` xbagz ~iklax{ dx d }azw wiq`c dca% xbaw hi `ix dkxqdeew l`is d{ xi bis xi

{~a`h gx sg{aew d`h bis xi {d}a gx miz xbagz is` ja`amgx. Xbaw mdge xi eiil q~i` xba jwci`a

ca`azdxgi`{ bis xbaw {sadxah miz adkb ~a``w% bis xbaw jziqcbx q~ xbagz mdfgega{. Xba{a cqw{ xa`h

xi eg}a g` d ~i{b fd``az d`h xbg{ g{ `ix dx dee d badexbw xza`h. Xbaw fdw bd}a xbagz is` zad{i`{ jqx

xbdx g{ `ix d oq{xgmgkdxgi`. Xihdw{ fdzlax g{ de{i za}ie}g`c dziq`h iqz wiq`c{xaz{ i` xba ki`{qfazg{f

mzi`x. Fijgea fdzlax% md{bgi`% jadqxw ~dzeiz{% kdfazd{% kif~qxaz sizeh d`h i` xba }abgkqedz mzi`x

a}azw hdw xba ha{gc` kbd`ca{ d`h xba wiqxb czdj gx dx d`w ki{x. Xbg{ dzad `aah{ a`iqcb ~zqha`ka.

7/31/2019 A Philosophical Treatise on Money - Subramanian A

3/3

Sbaza}az i`a kd`% i`a fq{x {d}a. Sbdx g{ q{a im {~a`hg`c :>>> jqkl{ i` d jaex sba` xbdx g{

d}dgedjea dx d }azw kbad~az zdxa9 I`a bd{ xi arazkg{a ~zqha`ka. Xbdx g{ bis iqz mizamdxbaz{ bdh

zadeew jziqcbx q~ xbagz mdfgega{. Miz xbaf% a}azw ~a``w fdxxazah. ^i}azxw bd{ gx{ sd`x{ d{ zgkb`a{{

bd{ gx{ xdq`x{. Zgkb`a{{ bd{ fdha ~ai~ea fdh d`h xba {xizw im Bisdzh Bqcba{ g{ d xaeeg`c ardf~ea.

I` xba i`a {gha% ~zgka{ dza cig`c bgcb jqx i` xba ixbaz {gha% xbaza g{ d sizeh sbgkb g{ {~a`hg`c ed}g{bew

d{ gm `ixbg`c g{ dmmakxg`c xbagz ~qz{a{. A}a` g` d bw~ixbaxgkde {gxqdxgi` sbaza ~zgka{ dza eisazah% xba

{dedzga{ de{i dza jziqcbx his` ~zi~izxgi`dxaew. Jqx xba eid` dkkiq`x jded`ka{ kd``ix ja jziqcbx

his` d`h q`ea{{ xba mgrah ha~i{gx dfiq`x{ dza za&kdekqedxah g` xba `as {kdea% g`medxgi` g{ {qza.

Fizai}az% xba kqzza`kw xbdx a}azw g`hg}ghqde ~i{{a{{ deeis{ bgf fiza ~qzkbd{g`c ~isaz g` xba `as

{ka`dzgi. [i% xbaza g{ d egfgxdxgi` miz xba ~zgka{ xi ja jziqcbx his`. Jawi`h d ~ig`x% ~zgka{ kd``ix ja

jziqcbx his`. A}a` gm a}azwxbg`c bd{ jaa` xdla` kdza im% xba fakbd`g{f si`x ~zi~azew sizl

jakdq{a xba g`hg}ghqde sd x{ d`h ha{gza{ dza hgmmaza x mzif xba za{x im xba sizeh. Atqdegxw dx xba

~ed`a im fdxazgde ea}ae g{ d lg`h im fgzdca.

Kbdzgxw jacg`{ dx bifa{. Dza sa {azgiq{ djiqx xbg{ ieh {dwg`c9 Dza sa xadkbg c iqz kbgehza` xba

{~gzgx im xbg{ }g{gi`9 Dza sa `ix {tqd`hazg`c fi`aw9 Dza sa `ix sd{xg`c miih g` d ~dzxw9 Dza sa `ix

sd{xg`c iqz `dxqzde za{iqzka{9 "Sa mdge xi {sgxkb imm jqej{ d`h md`{. ^qjegk xd~{ dza q{ah d{ gm sdxaz

za{iqzka{ dza ~aza``gde'. Q`ea{{ a}azw g`hg}ghqde g{ kdzamqe djiqx xba aki`ifgkde q{dca im iqz

za{iqzka{% ba g{ cig`c xi {qmmaz. Zafafjaz% fi`aw g{ de{i d lg`h im za{iqzka. Xbg{ za{iqzka g{ `ix

a}az ed{xg`c. Xbg{ za{iqzka g{ de{i fad`x miz xba a`xgza {ikgaxw. Zafafjaz% a}azw ~a``w {~a`x

q`sg{aew g{ d bdffazg`c i` xba {ikgaxw. @ijihw kd` ja zgkb sgxbiqx fdlg`c ixbaz{ ~iiz. [aa iqz

Zadegxw {bis{. Sba` xba ^zga sg``az g{ cg}a` 4%>>%>>%>>>)&% gx g{ `ix cg}a` sgxbiqx xba ar&kbatqaz

jag`c jqzha`ah. Eglasg{a% gm sa ha{xziw d`w ^qjegk ^zi~azxw% zafafjaz% xba ar&kbatqaz g{ xba mg`de

}gkxgf im gx. Xihdw{ sizeh bd{ ~zdkxgkdeew mizcixxa` xbg{ dca ieh ki`ka~x. Zafafjaz% `ijihw kd`

hzds fi`aw iqx im xbg` dgz jw {baaz fdcgk.

Fi`aw kd` {d}a wiq. Fi`aw kd` fdla wiq ~adka&ea{{ d`h za{x&ea{{. Fi`aw kd` de{i cg}a wiq {eaa~&

ea{{ `gcbx{. Wiq fdw madz xba l`ikl im G`kifa Xdr immgkaz dx wiqz hiiz{ d`w fifa`x. Eax q{ `ix

sd{xa iqz eg}a{ i` {bdza fdzlax. I`a imxa` maae{ jag`c q`{akqzah sgxbiqx fi`aw. Xbaza g{ `i ~ig`x

g` zq``g`c dmxaz fi`aw. Gm wiq dza {xadhw d`h bi`a{x% fi`aw sgee desdw{ kifa dmxaz wiq. Miz xbg{% i`a

bd{ xi ja {ifasbdx g`hgmmaza`x xisdzh{ fi`aw egla Mdzdhdw d`h xba Kqzga{.

rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr