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Outline of a Darwinian theory of money

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  • Herrmann-Pillath, Carsten

Abstract

Building on Lea and Webley’s drug theory of money, the paper connects different theoretical resources to develop a Darwinian theory of money. The central empirical observation is the neuroeconomic result of the independent role of money as a reinforcer, which matches with a series of other insights into strong emotional impact of money use. Lea and Webley proposed that money piggybacks on a generalized instinct for social exchange. I put this into the more universal framework of the Darwinian concept of signal selection and Aunger’s theory of neuromemes. This can be related to Searle’s theory of institutions, especially with regard to his notion of neurophysiological dispositions as a basis for rule-following. Thus, neuroeconomics and institutional theory can be put into one coherent framework of Generalized Darwinism, taking money and its emergence as a case study.

Suggested Citation

  • Herrmann-Pillath, Carsten, 2009. "Outline of a Darwinian theory of money," Frankfurt School - Working Paper Series 128, Frankfurt School of Finance and Management.
  • Handle: RePEc:zbw:fsfmwp:128
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    References listed on IDEAS

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    1. Herrmann-Pillath, Carsten, 2009. "Kulturelle Hybridisierung und Wirtschaftstransformation in China," Frankfurt School - Working Paper Series 115, Frankfurt School of Finance and Management.
    2. Herrmann-Pillath, Carsten, 2008. "Neuroeconomics, naturalism and language," Frankfurt School - Working Paper Series 108, Frankfurt School of Finance and Management.
    3. Ansgar Belke & Thorsten Polleit, 2005. "(How) Do Stock Market Returns React to Monetary Policy? - An ARDL Cointegration Analysis for Germany," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 253/2005, Department of Economics, University of Hohenheim, Germany.
    4. Hirsch, Christian & Bannier, Christina E., 2007. "The economics of rating watchlists: Evidence from rating changes," CFS Working Paper Series 2008/02, Center for Financial Studies (CFS).
    5. C. Herrmann-Pillath., 2011. "A Neurolinguistic Approach to Performativity in Economics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
    6. Bannier, Christina E. & Grote, Michael H., 2008. "Equity gap? - Which equity gap? On the financing structure of Germany's Mittelstand," Frankfurt School - Working Paper Series 106, Frankfurt School of Finance and Management.
    7. Herrmann-Pillath, Carsten, 2008. "The naturalistic turn in economics: implications for the theory of finance," Frankfurt School - Working Paper Series 105, Frankfurt School of Finance and Management.
    8. Christina E. Bannier, 2010. "Is there a Holdup Benefit in Heterogeneous Multiple Bank Financing?," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 166(4), pages 641-661, December.
    9. Christina Bannier, 2007. "Heterogeneous multiple bank financing: does it reduce inefficient credit-renegotiation incidences?," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 21(4), pages 445-470, December.
    10. Roßbach, Peter, 2009. "Die Rolle des Internets als Informationsbeschaffungsmedium in Banken," Frankfurt School - Working Paper Series 120, Frankfurt School of Finance and Management.
    11. Wollersheim, Jutta & Barthel, Erich, 2008. "Kulturunterschiede bei Mergers & Acquisitions: Entwicklung eines Konzeptes zur Durchführung einer Cultural Due Diligence," Frankfurt School - Working Paper Series 94, Frankfurt School of Finance and Management.
    12. Bannier, Christina E. & Hänsel, Dennis N., 2007. "Determinants of banks' engagement in loan securitization," Frankfurt School - Working Paper Series 85, Frankfurt School of Finance and Management.
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    More about this item

    Keywords

    Money emotions; Searle's theory of institutions; conceptual blending; emergence of money; neuronal Darwinism;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General

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