The Monetary Institution to Uphold Consumer Paramountcy in the Cheap-Money Era
Abstract: Consumer paramountcy theory emphasizes the function of the market to convey consumers’ demands and preferences. Free market advocates view the function as an important prerequisite for efficient productions. However, consumers’ paramountcy has been seriously ignored in the era of cheap money policy. Based on consumer paramountcy theory, we demonstrate the rationality to set up a people-oriented monetary institution at present in China. Let consumers hold the increased currency, which is directly injected by the central bank into their social security personal accounts. Consumers purchase what they need in the market according to their desire and preferences. Chinahas developed the most extensive manufacturing industries in the world, producers can arrange their productions in response to consumer’s demand provided by the market. In this case, enterprises are like bidders, who keep improving their production and operational effi- ciency, so as to obtain the consumers’ “vote”—their money. Abundant “votes” can meet the self-assertiveness demands of the enterprises, thus promoting their development.
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