Invisible Hand Processes and the Theory of Money
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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.Link to publications or other datasets
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Rationality, markets, and morals: RMM 4 (2013), 44 - 52