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Invisible Hand Processes and the Theory of Money

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04_Article_Steiner.pdf (541.6Kb)
Date
2013
Author
Steiner, Hillel
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http://dx.doi.org/10.22029/jlupub-411
Abstract
This paper explores, and rejects, the plausibility--advanced by a number of economists and recently re-affirmed by Robert Nozick--of employing an `invisible hand explanation' to account for the existence of money as a medium of exchange. It argues that money is not necessarily more efficient than barter as a means of effecting a multiplicity of desired exchanges, and that its use is not a dominant strategy under standard theoretical conditions of individual rational choice.
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Rationality, markets, and morals: RMM 4 (2013), 44-52

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  • Rationality, markets, and morals: RMM Band 4 (2013)

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