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Carl Menger's theory of money's origins: Responding to revisionism

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  • Alla Semenova

Abstract

This article disputes the validity of the revisionist accounts of Carl Menger's theory of money's origins. While Menger's monetary thought underwent a complicated process of development and his later works reflected new Chartalist insights, Menger never escaped the theoretical framework of the spontaneous origins of the monetary unit, devoid of any action or intervention by the state. The role of the state in Menger's monetary theory was always confined to the later stages of money's development. While Menger once admitted a possibility of money's origins by the influence of public authority, he never incorporated it into his overall theoretical framework.

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  • Alla Semenova, 2014. "Carl Menger's theory of money's origins: Responding to revisionism," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(1), pages 107-141, February.
    • Handle: RePEc:taf:eujhet:v:21:y:2014:i:1:p:107-141
    DOI: 10.1080/09672567.2012.683017
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    References listed on IDEAS

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    1. L. Randall Wray, 1998. "Understanding Modern Money," Books, Edward Elgar Publishing, number 1668.
    2. Knapp, Georg Friedrich, 1924. "The State Theory of Money," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number knapp1924.
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    Cited by:

    1. van 't Klooster, Jens & Assistant, JHET, 2020. "Marginalism and Scope in the Early Methodenstreit," OSF Preprints aq2bz, Center for Open Science.

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