On the Origins of Money

In this work, Carl Menger challenges prevailing theories of his time by introducing a bottom-up perspective on the origin of money.

He argues that money does not arise from state decree or collective agreement but evolves naturally from individuals' subjective valuations of goods.

Menger emphasizes the marketability and divisibility of commodities, explaining how goods like gold and silver became widely accepted as money due to their inherent utility.

The book also delves into the historical development of money, transitioning from barter systems to monetary economies, and introduces the concept of the regression theorem to explain the value of money.

Douglas French provides an introduction to this edition, highlighting the significance of Menger's work in the context of the Austrian School of Economics.