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Mechanism of Money Circulation as a Subject of Mesoeconomic Analysis

Mechanism of Money Circulation as a Subject of Mesoeconomic Analysis

Journal of Institutional Studies, , Vol. 11 (no. 3),

The paper discusses the reasons and prospects for the inclusion of institutions and mechanisms of money circulation in the scope of mesoeconomic research. In the first part of the paper the institution of money is analysed from the perspective of methodological institutionalism. It is shown that the institution of money is a functional-temporal structure, and structures of this type are the main subject of study in mesoeconomics. The second part of the paper tests the hypothesis that the separation of structural sections of economic theory (microeconomics, macroeconomics and then mesoeconomics) is associated with the introduction into economic analysis of increasingly sophisticated theoretical ideas about money circulation in the economic system. The specificity of the mesoeconomic approach to the analysis of money circulation consists in studying the characteristics of transmission mechanisms of money circulation in increasingly complex economic reproduction structures, where heterogeneous economic entities, banking and financial intermediaries are represented, as well as coordination and integrative relations of various types that combine market and redistributive instruments. The prospects of a mesoeconomic approach to the analysis of the mechanism of money circulation in the context of general trends in the development of social sciences and the growing "ontological turn" are shown, in which the formation of mechanisms of social and economic relations becomes the main subject of analysis. In economics, such an important mechanism is the mechanism of money circulation.

Keywords: mesolevel of economic analysis; mechanism of money circulation; methodological institutionalism; X and Y institutional matrices’ theory; mesoeconomics

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