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Money and Alertness

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  • Harper David A.

    (New York University)

Abstract

This paper argues that the phenomenon of money reinforces the cognitive factors that switch on entrepreneurial alertness. More specifically, the introduction of money strengthens entrepreneu- rs' sense of personal agency and hence the degree of their alertness. "Personal agency" expectations comprise "self-efficacy" (competence) beliefs and "locus of control" (contingency) beliefs. The emergence of money and a system of money prices enhances entrepreneurs' perceived self-efficacy by improving their capacity to acquire the relevant knowledge needed to plan rationally. It can also strengthen entrepreneurs' perceptions of the contingency of economic rewards upon entrepreneurial actions by removing problems arising from a lack of coincidence of wants and the indivisibility of commodities.Cet article suggère que le phénomène de la monnaie renforce les facteurs cognitifs qui déterminent la vigilance entrepreneuriale. Plus précisément l'introduction de la monnaie renforce le sens d'initiative personnelle des entrepreneurs et à partir de là leur degré de vigilance. Les anticipations de "l'initiative personnelle" comprennent les croyances en "l'efficacité personnelle" (la compétence) et les croyances en "la maîtrise du lieu" (la contingence). L'émergence de la monnaie et d'un système de prix monétaires promeut le sentiment d'efficacité des entrepreneurs en améliorant leur capacité à acquérir la connaissance pertinente requise pour élaborer les plans rationnels. Elle peut aussi renforcer les perceptions entrepreneuriales du caractère contingent des gains économiques récompensant des actions entrepreneuriales en écartant les problèmes liés à l'absence de la coïncidence des besoins et l'indivisibilité des marchandises.

Suggested Citation

  • Harper David A., 2002. "Money and Alertness," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 12(2), pages 1-17, June.
    • Handle: RePEc:bpj:jeehcn:v:12:y:2002:i:2:n:8
    DOI: 10.2202/1145-6396.1063
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    References listed on IDEAS

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    1. Salerno, Joseph T, 1993. "Mises and Hayek Dehomogenized: Review Essay," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 6(2), pages 113-146.
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    3. Brunner, Karl & Meltzer, Allan H, 1971. "The Uses of Money: Money in the Theory of an Exchange Economy," American Economic Review, American Economic Association, vol. 61(5), pages 784-805, December.
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    5. Steven Horwitz, 1998. "Monetary Calculation and Mises's Critique of Planning," History of Political Economy, Duke University Press, vol. 30(3), pages 427-450, Fall.
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