Free Us From The Roving Cavaliers Of Credit
by Steve Keen, Patreon.com/Steve Keen
As Graeber pointed out in Debt: The First 5000 Years, the assumption that money originated in barter is an enduring myth in economics: “First comes barter, then money; credit only develops later” (Graeber 2011, Chapter 2). This myth permeates the discipline, from Adam Smith’s assertion in 1776 that “the propensity to truck, barter, and exchange one thing for another” (Smith 1776, Chapter 2) was an innate characteristic of humans, to modern economics textbooks, like Gregory Mankiw’s Macroeconomics, that argue that an economy without money would be “a barter economy” (Mankiw 2016, p. 82).
Source: http://econintersect.com/pages/opinion/opinion.php?post=202107150020
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