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Has the Barter Theory of the Origins of Money Been Rejected?

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  • Georgy Ganev

    (Sofia University St Kliment Ohridski, Faculty of Economics and Business Administration)

Abstract

No, the original barter theory of the origins of money (“the barter story†for short) has not been rejected. What has been rejected is a narrowly specific, and apparently parentless, version of the barter story based on the standard neoclassical synthesis modelling assumptions of homo oeconomicus and fully-fledged market economies. As in all other myths, the myth of the rejection of the barter story contains a grain of truth, namely, that the actually lived human communities are much more complex and nuanced than assumed by the standard neoclassical synthesis economics rendition of the story. These grains of truth, as valuable and helpful as they can be for the improvement of economics, cannot change the conclusion that the original barter story remains standing.

Suggested Citation

  • Georgy Ganev, 2025. "Has the Barter Theory of the Origins of Money Been Rejected?," Bulgarian Economic Papers bep-2025-02, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria // Center for Economic Theories and Policies at Sofia University St Kliment Ohridski, revised Mar 2025.
    • Handle: RePEc:sko:wpaper:bep-2025-02
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    References listed on IDEAS

    as
    1. Joseph Persky, 1995. "The Ethology of Homo Economicus," Journal of Economic Perspectives, American Economic Association, vol. 9(2), pages 221-231, Spring.
    2. L. Randall Wray (ed.), 2004. "Credit and State Theories of Money," Books, Edward Elgar Publishing, number 3204, March.
    3. Nigel Dodd, 2014. "The Social Life of Money," Economics Books, Princeton University Press, edition 1, number 10319.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    barter; money; origins of money;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B29 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Other
    • E49 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Other
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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