Carl Menger and the Evolution of Payments Systems

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.'