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Carl Menger and the network theory of money

Mikael Stenkula

The European Journal of the History of Economic Thought, 2003, vol. 10, issue 4, 587-606

Abstract: Carl Menger has occasionally been cited as a forerunner to the network theory of money. This article analyses Carl Menger's monetary theory and evaluates whether he was aware of the network characteristic of money from a retrospective angle. The result is mixed. Menger is one of the first to discuss the marketability and liquidity of an asset, which in German he denotes Absatzfahigkeit. This concept has a strong connection with the network aspect of a commodity. However, he is not distinct enough in his analysis and there is a lack of depth in his understanding.

Keywords: Money; network externality; Carl Menger (search for similar items in EconPapers)
Date: 2003
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DOI: 10.1080/0967256032000137737

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The European Journal of the History of Economic Thought is currently edited by José Luís Cardoso

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