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Elizabeth Spelke

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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 . . .

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Hi, I'm C. Harwick, an economist in New York State with an interest in monetary theory, institutional evolution, and folk music.

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