Discursive-Historical-Pragmatist-Constructivist Institutional Economics and Understanding of the Nature of Money (Response to P. N. Teslia)

Abstract

This paper is a response to P. N. Teslia’s review of the book “Money, Social Orders and Economic Science”. In this review, its author shows many beliefs-convictions of the contemporary community of Russian academic economists, so this response can be considered as an analysis of these beliefs. Their deep rootedness, associated with the prevailing habits of thinking, leads to difficulties in understanding the text of the reviewed book. These difficulties in the paper are called points of incomprehension and they are analysed here in detail. In particular, the false perception of the concept of pay community introduced in the book is considered in detail. This concept allows us to give an in-depth understanding of money as a social institution.