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Barter and the Origin of Money and Some Insights from the Ancient Palatial Economies of Mesopotamia and Egypt

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  • Svizzero, Serge
  • Tisdell, Clement

Abstract

The "Metallist" origin of money, used as a medium of exchange, is based on the presumed low efficiency of barter. However, barter is usually ill-defined and archaeological evidence about it is inconclusive. Moreover, the transaction costs associated with barter seem to have been exaggerated by metallists. Indeed, the introduction of a unit of account reduces the complexity of the relative prices system usually associated with barter. Similarly, in-kind transactions have timing constraints which are often labeled as "the double coincidence of wants"; with a system of debt and credit, delayed exchange, that is lending, is possible. Such adaptability of barter is confirmed by the study of Mesopotamian and ancient Egyptian palatial economies. They provide evidence that non-monetary transactions have persisted during millennia, challenging the metallist vision about the origin of money.

Suggested Citation

  • Svizzero, Serge & Tisdell, Clement, 2019. "Barter and the Origin of Money and Some Insights from the Ancient Palatial Economies of Mesopotamia and Egypt," Economic Theory, Applications and Issues Working Papers 291788, University of Queensland, School of Economics.
  • Handle: RePEc:ags:uqseet:291788
    DOI: 10.22004/ag.econ.291788
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    2. Tisdell, Clem, 2014. "Information Technology's Impacts on Productivity, Welfare and Social Change: Second Version," Economic Theory, Applications and Issues Working Papers 195701, University of Queensland, School of Economics.
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    24. Tisdell, Clement A., 2008. "Trust and its Implications for Economic Activity, Welfare and Globalisation," Economic Theory, Applications and Issues Working Papers 90617, University of Queensland, School of Economics.
    25. Clem Tisdell, 2004. "Economic Competition and Evolution: Are There Lessons from Ecology?," Contemporary Economic Policy, Western Economic Association International, vol. 22(2), pages 179-193, April.
    26. Tisdell, Clement A., 2006. "Economic and Business Relations Between Australia and China: An Overview and an Assessment," Economic Theory, Applications and Issues Working Papers 90543, University of Queensland, School of Economics.
    27. Darrian Collins & Clem Tisdell, 2004. "Outbound Business Travel Depends on Business Returns: Australian Evidence," Australian Economic Papers, Wiley Blackwell, vol. 43(2), pages 192-207, June.
    28. Tisdell, Clement A., 2004. "Tourism Development as a Dimension of Globalisation: Experiences and Policies of China and Australia," Economic Theory, Applications and Issues Working Papers 90535, University of Queensland, School of Economics.
    29. Adam, Latif & Tisdell, Clement A., 2008. "Interfirm Networks in the Indonesian Garment Industry: Trust and Other Factors in their Formation and Duration and their Marketing Consequences," Economic Theory, Applications and Issues Working Papers 90616, University of Queensland, School of Economics.
    30. Gao, Zhicun & Tisdell, Clement A., 2004. "Television Production: Its Changing Global Location, the Product Cycle and China," Economic Theory, Applications and Issues Working Papers 90530, University of Queensland, School of Economics.
    31. Tisdell, Clement A., 2001. "Externalities, Thresholds and the Marketing of New Aquacultural Products: Theory and Examples," Economic Theory, Applications and Issues Working Papers 90468, University of Queensland, School of Economics.
    32. Tisdell, Clement A., 2008. "Economics, Corporate Sustainability and Social Responsibility," Economic Theory, Applications and Issues Working Papers 90618, University of Queensland, School of Economics.
    33. Serge Svizzero & Clem Tisdell, 2002. "Reconciling globalisation and technological change: Growing income inequalities and remedial policies," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 37(3), pages 162-171, May.
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    35. Tisdell, Clement A., 2004. "An Overview of Globalisation and Economic Policy Responses," Economic Theory, Applications and Issues Working Papers 90537, University of Queensland, School of Economics.
    36. Tisdell, Clement A., 2002. "Economics and Tourism Development: Structural Features of Tourism and Economic Influences on its Vulnerability," Economic Theory, Applications and Issues Working Papers 90522, University of Queensland, School of Economics.
    37. Alauddin, Mohammad & Tisdell, Clement A., 2009. "Quantitative Impacts of Teaching Attributes on University TEVAL Scores and their Implications," Economic Theory, Applications and Issues Working Papers 90621, University of Queensland, School of Economics.
    38. Tisdell, Clement A., 2002. "The WTO, Labour and Environmental Standards: Globalisation with Reference to India," Economic Theory, Applications and Issues Working Papers 90518, University of Queensland, School of Economics.
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    45. Tisdell, Clement A., 2010. "An Economic Study of Small Pigholders in Vietnam: Some Insights Gained and the Scope for Further Research," Economic Theory, Applications and Issues Working Papers 90630, University of Queensland, School of Economics.
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    51. Tisdell, Clement A., 2005. "Business Partnerships in a Globalising World: Economic Considerations," Economic Theory, Applications and Issues Working Papers 90542, University of Queensland, School of Economics.
    52. Tisdell, Clement A., 2004. "Transaction Costs and Bounded Rationality - Implications for Public Administration and Economic Policy," Economic Theory, Applications and Issues Working Papers 90531, University of Queensland, School of Economics.
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    1. Celli, Fabio, 2022. "Feature Engineering for Quantitative Analysis of Cultural Evolution," SocArXiv aj8xk, Center for Open Science.

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