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

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Author

Summary, in English

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.

Publishing year

2015

Language

English

Publication/Series

Working Paper / Department of Economics, School of Economics and Management, Lund University

Issue

23

Document type

Working paper

Publisher

Department of Economics, Lund University

Topic

  • Economics

Keywords

  • double coincidence of wants
  • monetary exchange
  • indirect barter
  • microfoundations of money
  • Sweden
  • monetization

Status

Published