Cultural theory and the meanings of money :: Business and Management Studies

Cultural conjecture and the meanings of billsCouples and their bullion speculation and practice in personal financesFour perspectives wee on* Economics and rational choice theory* companionable structural approaches* Psychological approaches* Cultural theory and the meanings of money. According to classical economic theory money has four main functionsit is a medium of exchange,a butt in of value,a unit of keyancy,a standard of deferred payment.Perspectives within economic theory relevant to personal financesfungibilityThis notion is standard in classical economic theory and means thatmoney is considered to be sluggish and interchangeable, so that anyunit of wealth is substitutable for any opposite (McCloskey, 1987). rational choice theoryThis assumes that people make reasoned choices in order to maximisetheir overall welfare or utility. Rational choice theory lays stresson the importance of information in facilitating the cost-effective workingof markets and of consume r choice. Daniel I have a high interest account with First Direct as well. Andthen I have some other nest egg account which is slightly lower interest. The high interest savings account has a penalty on withdrawals, so I foreclose a sum of money in there stable which I dont draw on. If I haveextra spending, or I need to top up my current account in case Imgoing overdrawn, that comes from the third, lower interest accountwhich I keep for small amounts. When I have a pleonastic at the end ofthe month in my current account I transmit across to the high interestaccount as frequently as I can. Daniels economic rationality extended to deferred payment cards and Air Miles. He explained about his American Express bullion bill stickerI use that for my purchases because I get Air Miles on that, so all mypurchases I get Air Miles and I transfer that to my various Air Milesaccounts. I originally got a Gold Card because they did a specialoffer, had one free for a year, and so I gave up a fter a year. SaidNo thank you. I dont want to pay for a card. Oh well, another(prenominal)card arrives free for a year, so I said, Fine.Pahl, J. (2001) Couples and their money theory and practice inpersonal finances, in R. Sykes, C.Bochel and N. R. Ellison, SocialPolicy Review 13, Policy Press Bristol.Rosie If Ive got to have traffic with them for money, I kindred toknow that its only a reliable number of hours I like restrictions ofbanking hours I do quite like that. Im old fashioned, completelyopposite to Daniel. If he sees that something is price with one of