The Review of Austrian Economics, 18:3/4, 345–347, 2005. 2005 Springer Science + Business Media, Inc. Manufactured in The Netherlands. Book Review MICHAEL LATZER and STEFAN W. SCHMITZ (Eds.), Carl Menger and the Evolution of Payments Systems. Cheltenham, UK and Northampton, MA, USA: Edward Elgar ISBN 1-84064-918-6, pp. 191. Over the course of the past few decades historians of economics, as well as economists more narrowly focused on Austrian economics, have reassessed the theories of Carl Menger. Generally viewed as an “incomplete neoclassical” before the “de-homogenation” (Jaffe ´ 1976) of the marginalist triumvirate of Jevons, Menger, and Walras began, many economists now view him primarily as the developer of a theoretical framework for historical analysis (cf. Vaughn 1994). Explaining changes over time is a central element of such a project. If such was Menger’s goal, then the importance he attached to his theory of the development of the institution of money is readily understandable. Most English-speaking economists know Menger’s theory only from his shorter presen- tations in the Economic Journal (1892) and in Chapter VIII of his Principles of Economics (1976, 1994). His long version of “Money,” which appeared in 1909 in the Handworterb ¨ uch der Staatswissenschaften, has never
The Review of Austrian Economics – Springer Journals
Published: Jan 1, 2005
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