L Randall Wray
Quotes From
“The Credit Money, State Money, and Endogenous Money Approaches: A Survey and Attempted Integration” (2004)
- It has long been speculated that money predates writing because the earliest examples of writing appear to be records of monetary debts—meaning that the closely intertwined chronology of the development of writing and money will make it impossible to find a written history.#
Posts About
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Money and its Institutional Substitutes: The Role of Exchange Institutions in Human Cooperation
This paper offers an increasing returns model of the evolution of exchange institutions building on Smith’s dictum that “the division of labor is limited by the extent of the market”. Exchange institutions are characterized by a tradeoff between fixed and marginal costs: the effort necessary to execute an exchange may . . .