Advanced

Heckscher on the Slow Monetization of Sweden and His Incidental Refutation of Jevons and Menger

Fregert, Klas LU (2015) In Working Paper / Department of Economics, School of Economics and Management, Lund University
Abstract
Eli F. Heckscher found that in 16'th century Sweden: 1) indirect barter was the most common exchange method and 2) monetary exchange was carried out with different coins, none a generally accepted medium of exchange. These findings refute models of the emergence of money, which builds on Jevons and Menger. Heckscher and later Wesley C. Mitchell thought the historical evolution of the exchange system would be a central theme and organizing principle for economic history, which has not happened. I discuss how the ideas of Heckscher may be combined with modern monetary theory to explain gradual monetization.
Please use this url to cite or link to this publication:
author
organization
publishing date
type
Working Paper
publication status
published
subject
keywords
double coincidence of wants, monetary exchange, indirect barter, microfoundations of money, Sweden, monetization
in
Working Paper / Department of Economics, School of Economics and Management, Lund University
issue
23
pages
17 pages
publisher
Department of Economics, Lund Universtiy
language
English
LU publication?
yes
id
721b4397-1f94-4960-bc72-eedc41a4adab (old id 7761076)
alternative location
http://swopec.hhs.se/lunewp/abs/lunewp2015_023.htm
date added to LUP
2015-08-13 09:59:27
date last changed
2016-04-16 08:18:38
@misc{721b4397-1f94-4960-bc72-eedc41a4adab,
  abstract     = {Eli F. Heckscher found that in 16'th century Sweden: 1) indirect barter was the most common exchange method and 2) monetary exchange was carried out with different coins, none a generally accepted medium of exchange. These findings refute models of the emergence of money, which builds on Jevons and Menger. Heckscher and later Wesley C. Mitchell thought the historical evolution of the exchange system would be a central theme and organizing principle for economic history, which has not happened. I discuss how the ideas of Heckscher may be combined with modern monetary theory to explain gradual monetization.},
  author       = {Fregert, Klas},
  keyword      = {double coincidence of wants,monetary exchange,indirect barter,microfoundations of money,Sweden,monetization},
  language     = {eng},
  note         = {Working Paper},
  number       = {23},
  pages        = {17},
  publisher    = {Department of Economics, Lund Universtiy},
  series       = {Working Paper / Department of Economics, School of Economics and Management, Lund University},
  title        = {Heckscher on the Slow Monetization of Sweden and His Incidental Refutation of Jevons and Menger},
  year         = {2015},
}