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

Cultural conjecture and the meanings of silverCouples and their m unitaryy surmise and practice in personal financesFour perspectives draw on* Economics and keen choice opening* Social structural approaches* mental approaches* Cultural theory and the meanings of money. According to classical economic theory money has four main functionsit is a medium of exchange,a store of value,a unit of visor,a standard of deferred payment.Perspectives within economic theory pertinent to personal financesfungibilityThis notion is standard in classical economic theory and means thatmoney is considered to be neutral and interchangeable, so that anyunit of wealth is substitutable for any other (McCloskey, 1987). rational choice theoryThis assumes that people make reasoned choices in pronounce to maximisetheir overall welfare or utility. Rational choice theory lays stresson the importance of information in facilitating the efficient workingsof markets and of consumer choice. Daniel I have a high interest account with early Direct as well. Andthen I have another savings account which is slightly lower interest. The high interest savings account has a penalty on withdrawals, so Ikeep a sum of money in there stable which I adoptt draw on. If I haveextra spending, or I need to top up my current account in flake Imgoing overdrawn, that comes from the third, lower interest accountwhich I keep for small amounts. When I have a surplus at the end ofthe month in my current account I murder across to the high interestaccount as much as I can. Daniels economic rationality extended to credit instrument panel game and Air Miles. He explained about his American Express Gold tease apartI 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 dissimilar Air Milesaccounts. I originally got a Gold Card because they did a specialoffer, had one free for a year, and so I gave up after a year. SaidNo thank you. I breakt want to pay for a card. Oh well, anothercard 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, Social indemnity Review 13, Policy Press Bristol.Rosie If Ive got to have dealings with them for money, I like toknow that its only a certain mo of hours I like restrictions ofbanking hours I do quite like that. Im old fashioned, completelyopposite to Daniel. If he sees that something is wrong with one of