O caráter institucional da moeda - the Institutional character of money

 "Money is an institution: a rule or method that makes human behavior more predictable. This means that the qualities of particular monies, and the ultimate laws governing its provision and use, cannot be fully understood without recourse to the institutions that govern money in specific contexts.

#CarlMenger’s famous theory of the origins of money is often misinterpreted as history. That is, his detractors assume he is making a specific claim about how money, in fact, emerge…

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The Institutional Character of Money

On the one hand, money is the language of commerce; money prices are the very medium of economic experience. On the other hand, there seems to be a deeper reality behind the monetary economy. In this scenario, real resource constraints, as described by Walrasian general equilibrium or Misesian...

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