Carl Menger and the Evolution of Payments Systems

From Barter to Electronic Money

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Zustand	Neu	Lieferdauer ca. 2 bis 4 Wochen
Autor(en)		Verlag	Edward Elgar Publishing Ltd.
Herausgeber	Michael Latzer, Stefan W. Schmitz
Sachgebiet(e)	Österreichische Schule, English Books	ISBN	1-84064-918-6

2002, 224 pp., hardback
ed. by Michael Latzer and Stefan W. Schmitz
please allow approx. 2-3 weeks for delivery

This book is unique in providing the first full English translation of Menger’s seminal article "Geld"(*) – one of the most influential papers on the origin of money. The editors aim to facilitate a broader and more detailed discussion of Menger’s method, theory and findings with this translation and in depth analysis.

Menger's institutional approach is applied and extended to the analysis of the evolution of payments systems, focusing in particular on electronic money, on its institutional character, and on monetary policy as well as predictions of likely future developments.

Contributors: D.F. Good, M. Latzer, S.W. Schmitz, G.A. Selgin, E.W. Streissler, M. Streissler, L.H. White, L.B. Yeager

"Carrying out this translation was a splendid idea. Menger has been enormously influential on the development of money – and his influence has been increasing in recent years. Yet this publication for the first time makes available in English his long article on "Money". It can now reach the audience it deserves. It reveals in full the distinctiveness of Menger's vision of historical development with its powerful case for the transactions cost explanation of the emergence of money. It has been set in context with admirable contributions from several leading scholars in the field. It will be widely used." – Forrest H. Capie, City University Business School, UK
"Carl Menger is of immense importance in the development of monetary economics. He built on the work of Adam Smith, showing how money evolved as a result of individuals trying to better themselves and was not, as some have claimed, an invention of a benevolent state. But despite Menger's importance, there is remarkably little written on him in English, and some even of his most important work remains untranslated. This excellent book goes far to remedy this situation. It is a major contribution to the history of economic thought. Furthermore it develops Menger's analysis of transactions so as to illuminate and advance discussions on the prospects for electronic money, an important topic in modern monetary theory. This is a fascinating, well written, and important book." – Geoffrey Wood, City University Business School, London, UK

Source: Edward Elgar Publishing Ltd.

(*)"Geld" is available in German, included in Carl Menger, Gesammelte Werke, Bd. IV, Schriften über Geldtheorie und Währungspolitik.