Stored Labor: A New Theory of Money
by Hugh A. Thomas
Stored Labor: A New Theory of Money by Hugh A. Thomas presents an alternative theory of money based on the idea that money represents stored human labor rather than simply a medium of exchange or a government-issued currency.
Thomas argues that money derives its real value from the productive work that individuals contribute to society and that understanding this relationship provides a clearer explanation of economic activity and wealth creation.
The book examines the origins and functions of money, challenging conventional economic theories that emphasize monetary policy, banking systems, or commodity value. Instead, Thomas contends that money should be viewed as a claim on accumulated labor and productive capacity. He explores how this concept relates to wages, prices, savings, investment, and the distribution of wealth, proposing that many economic problems arise when money becomes disconnected from the value of productive work.
A central theme is the relationship between labor, value, and economic justice. Thomas argues that a better understanding of money as "stored labor" can lead to fairer economic systems and more sustainable public policy. The book combines economic theory with philosophical discussion, encouraging readers to rethink commonly accepted assumptions about the nature of money and wealth.
Stored Labor: A New Theory of Money proposes that money is best understood as stored human labor and uses this concept to offer an alternative explanation of value, wealth, and the functioning of modern economies.