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This book is unique in providing the first full English translation of Menger's seminal article Geld - one of the most influential papers on the origin of money. The editors aim to facilitate a broader and more detailed discussion of Menger's method, theory and findings with this translation and in depth analysis.Menger's institutional approach is applied and extended to the analysis of the evolution of payments systems, focusing in particular on electronic money, on its institutional character, and on monetary policy as well as predictions of likely future developments.Carl Menger and the Evolution of Payments Systems will be of great interest to financial economists and Austrian economists as well as historians of economic thought.
Edited by Michael Latzer, University of Zurich, Switzerland and Stefan W. Schmitz, Economist, Oesterreichische Nationalbank, Vienna, Austria
Contents: Introduction Part I: Carl Menger’s Article ‘Money’: From Barter to Money 1. Carl Menger’s Article ‘Money’ in the History of Economic Thought 2. Money Part II: Perspectives on the Evolution of Electronic Money 3. Carl Menger’s ‘Money’ and the Current Neoclassical Models of Money 4. Mengerian Perspectives on the Future of Money 5. The Institutional Character of Electronic Money Schemes: Redeemability and the Unit of Account Index
'The book edited by Michael Latzer and Stefan W. Schmitz is a very exciting book. It creates an intellectual link between the past and the future. It makes it possible for readers to better know the fundamental insights of Carl Menger about money; but it also provides an outstanding analysis of possible developments of electronic money, demonstrating that they cannot be understood without looking back at the theoretical debate about money initiated by Carl Menger. For those interested in money and its future, this book is unique.'