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Economists clash over the textbook story of money's origins

Original: 'Most economists agree on what money is *for*: It is a unit of account, a medium of exchange, and a store of value. Most

An economics discussion is circulating on the point that most economists define money by its functions: a unit of account, a medium of exchange, and a store of value. The argument challenges the standard textbook claim that money emerged from barter, saying there is no historical or anthropological evidence supporting that origin story, reviving the debate between barter-based and credit-based theories of money.

Why now: Challenging the widely taught barter origin story of money reopens a long-running debate in economics and anthropology.

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Evidence

• 'Most economists agree on what money is *for*: It is a unit of account, a medium of exchange, and a store of value. Most textbooks claim that it emerged from barter as a private-sector way of making transactions easier, and the total absence of historical or anthropological… · oscarjiminy@aus.social · 4

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