From: Paul C (clyder@GN.APC.ORG)
Date: Sat May 29 2004 - 16:55:57 EDT
Ian Wright wrote: >>But, to me, the overwhelming merit of Menger is that he insists on >> >> >the spontaneous >emergence of money within the market and through >economic processes. > >Just as a point of interest, this paper: > >Ramon Marimon, Ellen McGrattan, Thomas Sargent. Money as a >medium of exchange in an economy with artificially intelligent agents. >Journal of Economic Dynamics and Control, 14 (1990), 329-373. > >is a constructive proof of the possibility of the emergence of a money >commodity via economic exchange. I once replicated this computational >experiment with a student. The main conclusion is that it is very easy >for the money commodity to be selected via a social convention that >emerges over time via local exchanges. All it requires is some very >basic learning and memory on the part of the agents. > >I agree that Marx presents a causal story of the endogenous emergence of money. > >-Ian. > > > > This may be possible in simulation Ian, but did it happen in history?
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