Carl Menger and the Evolution of Payments Systems : From Barter to Electronic Money

Carl Menger is of immense importance in the development of monetary economics.

He built on the work of Adam Smith, showing how money evolved as a result of individuals trying to better themselves and was not, as some have claimed, an invention of a benevolent state.

This title on Menger and the history of economic thought develops Menger's analysis of transactions so as to illuminate and advance discussions on the prospects for electronic money, an important topic in contemporary monetary theory.