MONEY CIRCULATION IN CONDITIONS OF ENERGY FEVER

Keywords: money, energy, struggle, trust

Abstract

In the modern world, energy poverty is the most bigger problem than financial poverty, because there are a lot of things, which could not be bought for money. At the same time anybody, who has enough energy can not be poor. We can buy and sell energy, i.e. energy can be used as a means of exchange, not for further use in production but a further exchange. Therefore, energy is a more universal asset. Moreover, energy is a philosophy, economic, technical, etc. category that could be considered from many and many perspectives. We do not say about electricity or physical energy. We consider it as the prime matter, the basis of everything.

Modern major military and other conflicts, also wars are initiated mostly because of energy souses, not capital. How long modern monetary system will exist? In this research, we study the essence of money through the prism of energy. The purpose of the paper is to discuss the interconnection between money and energy based on trust, money function, and monetary theories.

In this study, we did not seek to propose specific mechanisms for using energy instead of money, using it for example as a calculating tool. Our goal was to collect existing research results on energy and interpret them to answer the question of whether energy can be used as a universal equivalent in economic relations in the condition of the absence of a double coincidence of desires. However, significant research work will be required to empirically confirm the possibility of using energy as a currency. It is necessary to investigate the stability of the cost of energy and its volatility in order to answer the question of whether energy can be used as a store of value in the context of its volatility in comparison with fiat money. Technological implementation of payments and accounting for transactions with the energy currency are also very important issues to confirm the money's function in the energy currency system. Each from this area needs a separate study, experiment, and empirical confirmation. The very reason of this paper is to let the idea of the energy philosophy in circulation money out for a wide and deep-going public debate.

The results of the work allow considering closer the energy and money in interconnection

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Author Biographies

Tetiana Osadcha, Odesa Mechnikov National University

Professor at the Accounting and Taxation Department

Oleksandr Melnychenko, The London Academy of Science and Business

Professor

Sergii Spodin

Advocate

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Published
2021-10-01
How to Cite
Osadcha, T., Melnychenko, O., & Spodin, S. (2021). MONEY CIRCULATION IN CONDITIONS OF ENERGY FEVER. European Cooperation, 3(51), 7-33. https://doi.org/10.32070/ec.v3i51.117