Friday, January 6, 2012

Menger and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 origins of money

Lord Keynes at cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Social Democracy blog has an interesting post on Carl Menger.called Menger on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Origin of Money.

As I point out in my comments, Lord Keynes is mistaken in trying to recruit Menger to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 chartalist side of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 metallist vs chartalist debate. Menger always was a pure metallist:
So while Menger believed that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 state might adopt metals as money, it could not legislate into existence a worthless item as money. The state could construct a system of coinage and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365reby perfect an existing metallic monetary system, but not create a system based on intrinsically worthless materials.

3 comments:

  1. I don't actually say that Menger was a Chartalist. I have no doubt he was fundamentally a metallist.

    What I do in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 post is draw attention to this passage:

    “It is not impossible for media of exchange, serving as cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y do cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 commonweal in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 most emphatic sense of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 word, to be instituted also by way of legislation, like ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r social institutions. But this is neicá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 only, nor cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 primary mode in which money has taken its origin. This is much more to be traced in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 process depicted above, notwithstanding cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 nature of that process would be but very incompletely explained if we were to call it ‘organic,’ or denote money as something ‘primordial,’ of ‘primaeval growth,’ and so forth. Putting aside assumptions which are historically unsound, we can only come fully to understand cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 origin of money by learning to view cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 establishment of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 social procedure, with which we are dealing, as cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 spontaneous outcome, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 unpremeditated resultant, of particular, individual efforts of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 members of a society, who have little by little worked cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir way to a discrimination of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 different degrees of saleableness in commodities.” (Menger 1892: 250).

    Now you might say that Menger only means that a
    medium of exchange can be instituted by government legislation after it has arisen by private market barter spot transactions. Fair enough.

    But I've already made it clear that anthropology and history demonstrate that money can emerge by ways ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r than barter spot transactions - this in fact a major finding of anthropology that contradicts cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 dogmatism you ifn in someone liek Rothbard:

    “[sc. Mises’s] Regression Theorem also shows that money, in any society, can only become established by a market process emerging from barter. Money cannot be established by a social contract, by government imposition, or by artificial schemes proposed by economists.” (Rothbard, M. N., 2009, The Essential von Mises, p. 61).

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  2. "you find in someone like Rothbard:"

    Regards

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  3. "But I've already made it clear that anthropology and history demonstrate that money can emerge by ways ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r than barter spot transactions - this in fact a major finding of anthropology that contradicts cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 dogmatism you ou find in someone like Rothbard."

    You'll get no argument from me here.

    "Now you might say that Menger only means that a
    medium of exchange can be instituted by government legislation after it has arisen by private market barter spot transactions. Fair enough."

    That's exactly what I'm saying.

    ReplyDelete