Abstract

ALVAREZ, Andrés. LA EMERGENCIA NATURAL DE LA MONEDA EN LA TEORÍA DE CARL MENGER Y LOS MODELOS DE BÚSQUEDA MONETARIA: LOS LÍMITES DE LA MONEDA-MERCANCíA. Cuad. Econ. [online]. 2001, vol.20, n.35, pp.71-118. ISSN 0121-4772.

This article propases a dialogue between C. Menger’ s (1871) theory of the origin of money and the search monetary approach. This exercise allows us to show the limi ta tions encountered by individual decision theory to explain money. Themain concept of Menger’s monetary theory (the saleability of commodities) may be. reconsidered in a search monetary modelo We conclude tha t the spontaneous emergen ce of money is not a general result and saleability is then a property derived from social conventions. In this sense, the emergen ce of money is a social coordination prob­lem, giving new meaning to the elite in Menger‘s theory. Finally, we claim the need to go more in depth into Menger‘s theory. This can be done wi thin a search monetary frame considering the dy­namic learning process that transforms a non-monetary exchange economy into a monetary one. In so doing, the rise of money must be conceived as the origin of the conditions that permit the existence of market society.

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