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Economic Forces At Work
- Publisher
- Springer Journals
- Copyright
- Copyright © 2000 by Kluwer Academic Publishers
- Subject
- Economics; Public Finance; Political Science; History of Economic Thought/Methodology
- ISSN
- 0889-3047
- eISSN
- 1573-7128
- DOI
- 10.1023/A:1007888617795
- Publisher site
- See Article on Publisher Site
Abstract
Carl Menger and Armen Alchian told stories of the emergence of money as a spontaneous order involving two types of costs—costs of recognizing attributes of goods and costs of finding willing exchange partners. Menger assumed that the first are zero and the second are positive. Alchian assumed the opposite. In the real world both types of costs are positive, so a truly satisfactory story of the emergence of money as a spontaneous order has yet to be written. This is another example of the complementarity of work done by some Austrian and some neoclassical economists.
Journal
The Review of Austrian Economics – Springer Journals
Published: Oct 8, 2004