Carl Menger (1840–1921): Metallism in Neoclassical Economics

Jan Greitens ()
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Jan Greitens: Johann Wolfgang Goethe-Universität

Chapter Chapter 24 in Currency and Credit Money, 2026, pp 239-245 from Springer

Abstract: Abstract This chapter presents Menger’s theory of the origin of money, based on marketability and indirect exchange. He explains how money emerges spontaneously from barter as individuals seek more marketable goods to facilitate exchange. Menger defines money primarily as a medium of exchange and emphasizes its commodity nature. He rejects nominalist theories and highlights the role of individual choice and market processes. This chapter positions Menger as a key figure in neoclassical monetary theory, providing a foundational explanation for the emergence of metallistic money without state intervention.

Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spshcp:978-3-032-24113-9_24

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DOI: 10.1007/978-3-032-24113-9_24

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