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Beans as a Medium of Exchange

Harold Fried and Daniel Levy ()
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Harold Fried: Union College

General Economics and Teaching from EconWPA

Abstract: This note describes an experiment, which is an extension of the experiment proposed by Levy and Bergen (1993). The experiment is designed to simulate an environment where something that is very similar to fiat money (i.e., is homogenous, durable, portable, storable, divisible, has no intrinsic value of its own, etc.) will be accepted in market transactions and thus will have a “value.” This is accomplished through an implementation of a taxation mechanism in the spirit of legal restriction theory of monetary economics.

Keywords: Roles of Money; Functions of Money; Barter; Exchange Economy; Medium of Exchange; Store of Value; Unit of Account; Experiment; Efficient and Inefficient Medium of Exchange; Types of Money; Fiat Money; Commodity Money; Features of Money; Homogeneity; Divisibility; Durability; Storability; Portability; Scarcity; Efficiency versus Equity; Information Cost (search for similar items in EconPapers)
JEL-codes: A22 C90 C91 C92 E40 E41 E42 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-exp and nep-mac
Date: 2005-05-15
Note: Type of Document - pdf; pages: 5
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