Alchian and Menger on Money

Alchian and Menger on Money 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Alchian and Menger on Money

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 2000 by Kluwer Academic Publishers
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
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 EconomicsSpringer Journals

Published: Oct 8, 2004

References

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