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Cultural theory and the meanings of money
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Cultural theory and the meanings of money Couples and their money: theory and practice in personal finances Four perspectives draw on: * Economics and rational choice theory * Social structural approaches * Psychological approaches * Cultural theory and the meanings of money. According to classical economic theory money has four main functions: • it is a medium of exchange, • a store of value, • a unit of account, • a standard of deferred payment. Perspectives within economic theory relevant to personal finances: • fungibility This notion is standard in classical economic theory and means that money is considered to be neutral and interchangeable, so that any unit of wealth is substitutable for any other (McCloskey, 1987). • rational choice theory This assumes that people make reasoned choices in order to maximise their overall welfare or utility. Rational choice theory lays stress on the importance of information in facilitating the efficient working of markets and of...
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