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Questions That Bother Us

Questions

Say that mankind had all these mobile phones, PDAs etc., but suddenly forgot all about money. Say that all of its trades were taking place via some advanced, decentralized, electronic bartering system…

• Would one of the resources being exchanged re-emerge as an exclusive money, i.e. serve for wealth cumulation and participate in all deals?
• Would mankind trust pieces of paper back again?
• Or would more dynamic, blended and local currencies start to emerge?
• Is there a good theory of emergence of moneys in distributed, decentralized economies?

Attempted answers

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Reference

Gresham’s law.

Say’s law.

Price stability in peer-to-peer resource markets by Okaie, Nakano. Comment this paper here.

Resource pricing games on graphs: existence of Nash equilibria by Okaie, Nakano. Comment this paper here.

Origins of Money, C. Menger.

Spontaneous order, F. Hayek.