Publications Repository - Gdańsk University of Technology

Purpose: This paper aims to provide the literature review seeking an answer whether energy can be used as a universal equivalent instead of money. Methodology: The author conducted a review of available literature and data sources related to the money theory and energy concept of money. Findings: It was found that the definition of energy as a general equivalent has a contextual and dynamic nature, and this field’s consolidation and logical expansion require a conceptual review. In this study, we talk about the basic principles of the energy concept of money: origin, recognition, and circulation. Throughout this paper, we explore key aspects of this new agenda, demonstrating that energy is at the heart of money circulation. Research limitations: It is suggested three areas for future research: quantifying the stability of energy price in the context of fiat money in dynamics, technological implementation of transactions, and the development of accounting technologies. Practical implications: Consolidating the available literature and providing suggestions on how money theory can be developed in light of the current energy challenges. The author’s approach the energy concept of money from an interdisciplinary perspective, including knowledge of economics, business, accounting, payment systems, law, and philosophy, to reflect on their own experiences. The energy concept of money in this study refers to the use of energy in a broad sense as a universal equivalent, the role of which is played today by money. Originality: In this paper, the author seeks to contribute to a deeper understanding of the energy basis of money by exploring the conceptual and empirical relationship between money, trust, and energy.

Authors

• dr hab. Oleksandr Melnychenko link open in new tab