Carl Menger and the Evolution of Payments Systems

Reviews / Votes

'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.' -- Pascal Salin, Universite Paris-Dauphine, France 'This is a fascinating conglomeration of a book. The volume will appeal equally to historians of economic thought and to economists who wish to explore the implications of the recent emergence of electronic money. Seldom has the relevance of the Mengerian research tradition for understanding the evolution of contemporany social institutions been more powerfully demonstrated.' -- Bruce J. Caldwell, University of North Carolina, Greensboro, US 'Carrying out this translation was a splendid idea. Menger has been enormously influential on the development of money - and his influence has been increasing in recent years. Yet this publication for the first time makes available in English his long article on "Money". It can now reach the audience it deserves. It reveals in full the distinctiveness of Menger's vision of historical development with its powerful case for the transactions cost explanation of the emergence of money. It has been set in context with admirable contributions from several leading scholars in the field. It will be widely used.' -- Forrest H. Capie, Bank of England, UK 'Carl Menger is of immense importance in the development of monetary economics. He built on the work of Adam Smith, showing how money evolved as a result of individuals trying to better themselves and was not, as some have claimed, an invention of a benevolent state. But despite Menger's importance, there is remarkably little written on him in English, and some even of his most important work remains untranslated. This excellent book goes far to remedy this situation. It is a major contribution to the history of economic thought. Furthermore it develops Menger's analysis of transactions so as to illuminate and advance discussions on the prospects for electronic money, an important topic in modern monetary theory. This is a fascinating, well written, and important book.' -- Geoffrey Wood, City University Business School, London, UK