,ON ! 9V5TION ( MONEY 
,NOTES ON SEX1 ADV5TURE1 MONOMANIACAL SOCIOPA?Y & ! TRUE FUNCTION ( ECONOMICS 

,PEOPLE 3 

,AU?OR 3 ,DAVID ,GRAEB] 

,TEXT 3 

,LA/ WEEK1 ,ROB]T ,F4 ,MURPHY PUBLI%$ A PIECE ON ! WEBPAGE ( ! ,VON ,MISES ,9/ITUTE RESPOND+ TO SOME PO9TS ,I MADE 9 A REC5T 9T]VIEW ON ,NAK$ ,CAPITALISM1 :]E ,I M5TION$ ?AT ! /&>D ECONOMIC ACC\NTS ( ! EM]G5CE ( MONEY FROM B>T] APPE>S TO BE WILDLY WRONG4 ,S9CE ?IS CONTRADICT$ A POSITION TAK5 BY ONE ( ! GODS ( ! ,AU/RIAN PAN!ON1 ! #a#i? C5TURY ECONOMI/ ,C>L ,M5G]1 ,MURPHY APP>5TLY FELT HONOR-B\ND TO RESPOND4 

,9 A WAY1 ,MURPHY'S ESSAY B>ELY M]ITS RESPONSE4 ,9 ! 9T]VIEW ,I'M SIMPLY REF]R+ TO >GUM5TS MADE 9 MY BOOK1 ',DEBT3 ,! ,FIR/ #e ,YE>S'4 ,9 HIS RESPONSE1 ,MURPHY DIDN'T EV5 CONSULT ! BOOK2 9 FACT HE LAT] ADMITT$ HE WAS RESPOND+ AT LEA/ 9 P>T NOT EV5 TO ! 9T]VIEW BUT TO AN 9ACCURATE SUMM>Y ( MY POSITION SOMEONE HAD MADE 9 ANO!R BLOG6 

,WE >E NOT1 9 O!R WORDS1 DEAL+ ) A WORK ( S*OL>%IP4 ,H[EV]1 9 ! BLOGSPH]E1 ! QUALITY OR EV5 9T5TION ( AN >GUM5T (T5 DOESN'T MATT]4 ,I HAVE TO ASSUME ,MURPHY WAS AW>E ?AT ALL HE HAD TO DO WAS TO WRITE SOME?+--ANY?+ REALLY--& CLAIM IT REBUTT$ ME1 & ! PIECE W\LD BE 9/ANTLY SNAT*$ UP BY A RI<T-W+ E*O *AMB]1 MIRROR$ ON HALF A DOZ5 WEBSITES & ?AT FOLL[]S ( ?OSE WEBSITES W\LD !N DUTIFULLY BEG9 APPE>+ ACROSS ! WEB DECL>+ TO EV]YONE WILL+ TO LI/5 ?AT MY WORK HAD BE5 REBUTT$4 ,! FACT ?AT ,I 9/ANTLY APPE>$ ON ! ,VON ,MISES WEB PAGE TO (F] A DETAIL$ RESPONSE1 & ?AT ,MURPHY HAS S9CE EFFECTIVELY CONC$$1 WRIT+ AN ELABORATE CLIMB-D[N SAY+ ?AT HE HAD NO 9T5TION TO CA/ D\BT ON MY >GUM5T AS A :OLE AT ALL1 ONLY TO NOTE ?AT ,I HAD NOT DEF9ITIVELY DISPROV$ ,M5G]'S1 HAS DONE NO?+ TO *ANGE ?IS4 ,9DE$1 ON BO? ,U,S & ,U,K ,AMAZON1 ,I HAVE SE5 FANS ( ,AU/RIAN ECONOMICS APPE> TO 9=M POT5TIAL BUY]S ?AT ,I AM AN ECONOMIC IGNORAMUS :OSE WORK HAS BE5 5TIRELY DISCR$IT$4 

,I AM PO/+ ?IS MORE DETAIL$ V]SION ( MY REPLY NOT JU/ TO SET ! RECORD /RAI<T1 BUT BECAUSE ! :OLE QUE/ION ( ! ORIG9S ( MONEY RAISES O!R 9T]E/+ QUE/IONS--NOT LEA/1 :Y ANY MOD]N ECONOMI/ W\LD GET SO WORK$ UP AB\T ! QUE/ION4 ,LET ME BEG9 BY FILL+ 9 SOME BACKGR\ND ON ! CURR5T /ATE ( S*OL>LY DEBATE ON ?IS QUE/ION1 EXPLA9 MY [N POSITION1 & %[ :AT AN ACTUAL DEBATE MI<T HAVE BE5 LIKE4 

,FIR/1 ! HI/ORY3 

,ADAM ,SMI? FIR/ PROPOS$ 9 ',! ,WEAL? ( ,NATIONS' ?AT AS SOON AS A DIVISION ( LABOR APPE>$ 9 HUMAN SOCIETY1 SOME SPECIALIZ+ 9 HUNT+1 = 9/ANCE1 O!RS MAK+ >RO:EADS1 PEOPLE W\LD BEG9 SWAPP+ GOODS ) ONE ANO!R 7#f >RO:EADS = A BEAV] PELT1 = 9/ANCE47 ,?IS HABIT1 ?\<1 W\LD LOGICALLY LEAD TO A PROBLEM ECONOMI/S HAVE S9CE DUBB$ ! 'D\BLE CO9CID5CE ( WANTS' PROBLEM--= EX*ANGE TO BE POSSIBLE1 BO? SIDES HAVE TO HAVE SOME?+ ! O!R IS WILL+ TO ACCEPT 9 TRADE4 ,?IS WAS ASSUM$ TO EV5TUALLY LEAD TO ! PEOPLE /OCKPIL+ ITEMS DEEM$ LIKELY TO BE G5]ALLY DESIRABLE1 :I* W\LD ?US BECOME EV] MORE DESIRABLE = ?AT REASON1 & EV5TUALLY1 BECOME MONEY4 ,B>T] ?US GAVE BIR? TO MONEY1 & MONEY1 EV5TUALLY1 TO CR$IT4 

#a#i? C5TURY ECONOMI/S SU* AS ,/ANLEY ,JEVONS & ,C>L ,M5G] .<#a.> KEPT ! BASIC FRAMEWORK ( ,SMI?'S >GUM5T1 BUT DEVELOP$ HYPO!TICAL MODELS ( JU/ H[ MONEY MI<T EM]GE FROM SU* A SITUATION4 ,ALL ASSUM$ ?AT 9 ALL COMMUNITIES )\T MONEY1 ECONOMIC LIFE C\LD ONLY HAVE TAK5 ! =M ( B>T]4 ,M5G] EV5 SPOKE ( MEMB]S ( SU* COMMUNITIES 0TAK+ !IR GOODS TO M>KET0--PRESUM+ M>KETPLACES :]E A WIDE V>IETY ( PRODUCTS W]E AVAILABLE BUT !Y W]E SIMPLY SWAPP$ DIRECTLY1 9 :ATEV] WAY PEOPLE FELT ADVANTAGE\S4 

,AN?ROPOLOGI/S GRADUALLY FANN$ \T 9TO ! WORLD & BEGAN DIRECTLY OBS]V+ H[ ECONOMIES :]E MONEY WAS NOT US$ 7OR ANYWAY1 NOT US$ = EV]YDAY TRANSACTIONS7 ACTUALLY WORK$4 ,:AT !Y DISCOV]$ WAS AN AT FIR/ BEWILD]+ V>IETY ( >RANGEM5TS1 RANG+ FROM COMPETITIVE GIFT-GIV+ TO COMMUNAL /OCKPIL+ TO PLACES :]E ECONOMIC RELATIONS C5T]$ ON NEI<BORS TRY+ TO GUESS EA* O!R'S DREAMS4 ,:AT !Y NEV] F\ND WAS ANY PLACE1 ANY:]E1 :]E ECONOMIC RELATIONS BETWE5 MEMB]S ( COMMUNITY TOOK ! =M ECONOMI/S PR$ICT$3 0,I'LL GIVE Y\ TW5TY *ICK5S = ?AT C[40 ,H5CE 9 ! DEF9ITIVE AN?ROPOLOGICAL WORK ON ! SUBJECT1 ,CAMBRIDGE AN?ROPOLOGY PR(ESSOR ,C>OL9E ,HUMPHREY CONCLUDES1 0,NO EXAMPLE ( A B>T] ECONOMY1 PURE & SIMPLE1 HAS EV] BE5 DESCRIB$1 LET ALONE ! EM]G5CE FROM IT ( MONEY2 ALL AVAILABLE E?NOGRAPHY SUGGE/S ?AT !RE NEV] HAS BE5 SU* A ?+0 .<#b.> 

,JU/ 9 WAY ( EMPHASIS3 ECONOMI/S ?US PR$ICT$ ?AT ALL 7#a.07 NON-MONET>Y ECONOMIES W\LD BE B>T] ECONOMIES4 ,EMPIRICAL OBS]VATION HAS REVEAL$ ?AT ! ACTUAL NUMB] ( OBS]VABLE CASES--\T ( ?\S&S /UDI$--IS .04 

,SIMIL>LY1 ! NUMB] ( DOCUM5T$ M>KETPLACES :]E PEOPLE REGUL>LY APPE> TO SWAP GOODS DIRECTLY )\T ANY REF]5CE TO A MONEY ( ACC\NT IS ALSO Z]O4 ,IF ANY SOCIOLOGICAL PR$ICTION HAS EV] BE5 EMPIRICALLY REFUT$1 ?IS IS IT4 

,ECONOMI/S HAVE = ! MO/ P>T ACCEPT$ ! AN?ROPOLOGICAL F9D+S1 IF DIRECTLY CONFRONT$ ) !M1 BUT NOT *ANG$ ANY ( ! ASSUMPTIONS ?AT G5]AT$ ! FALSE PR$ICTIONS4 ,MEAN:ILE1 ALL TEXTBOOKS CONT9UE TO REPORT ! SAME OLD SEQU5CE3 FIR/ !RE WAS B>T]1 !N MONEY1 !N CR$IT--EXCEPT 9/EAD ( ACTUALLY SAY+ ?AT TRIBAL SOCIETIES REGUL>LY PRACTIC$ B>T]1 !Y SET IT UP AS AN IMAG9ATIVE EX]CISE 70IMAG9E :AT Y\ W\LD HAVE TO DO IF Y\ DIDN'T HAVE MONEY60 OR VAGUELY IMPLY ?AT ANY?+ ACTUAL TRIBAL SOCIETIES DID DO MU/ HAVE BE5 B>T] ( SOME K9D4 

,SO :AT ,I SAID WAS 9 NO WAY CONTROV]SIAL4 ,:5 CONFRONT$ ON :Y ECONOMI/S CONT9UE TO TELL ! SAME /ORY1 ! USUAL RESPONSE IS3 0,WELL1 IT'S NOT LIKE Y\ PROVIDE US ) ANO!R /ORY60 ,9 A WAY !Y HAVE A PO9T4 ,! PROBLEM IS1 !RE'S NO REASON !RE %\LD BE A S+LE /ORY = ! ORIG9 ( MONEY4 ,H]E LET ME LAY \T MY [N ACTUAL >GUM5T3 

,IF MONEY IS SIMPLY A MA!MATICAL SY/EM :]EBY ONE CAN COMP>E PROPORTIONAL VALUES1 TO SAY #a ( !SE IS WOR? #ag ( ?OSE1 :I* MAY OR MAY NOT ALSO TAKE ! =M ( A CIRCULAT+ M$IUM ( EX*ANGE1 !N SOME?+ ALONG !SE L9ES MU/ HAVE EM]G$ 9 9NUM]ABLE DIFF]5T CIRCUM/ANCES 9 HUMAN HI/ORY = DIFF]5T REASONS4 ,PRESUMABLY MONEY AS WE KN[ IT TODAY CAME AB\T ?R\< A LONG PROCESS ( CONV]G5CE4 

,H[EV]1 !RE IS EV]Y REASON TO BELIEVE ?AT B>T]1 & ITS ATT5DANT 'D\BLE CO9CID5CE ( WANTS' PROBLEM1 WAS NOT ONE ( ! CIRCUM/ANCES ?R\< :I* MONEY FIR/ EM]G$4 

,! GREAT FLAW ( ! ECONOMIC MODEL IS ?AT IT ASSUM$ SPOT TRANSACTIONS4 ,I HAVE >RO:EADS1 Y\ HAVE BEAV] PELTS1 IF Y\ DON'T NE$ >RO:EADS RI<T N[1 NO DEAL4 ,BUT EV5 IF WE PRESUME ?AT NEI<BORS 9 A SMALL COMMUNITY >E EX*ANG+ ITEMS 9 SOME WAY1 :Y ON E>? W\LD !Y LIMIT !MSELVES TO SPOT TRANSACTIONS8 ,IF Y\R NEI<BOR DOESN'T NE$ Y\R >RO:EADS RI<T N[1 HE PROBABLY WILL AT SOME PO9T 9 ! FUTURE1 & EV5 IF HE WON'T1 Y\'RE HIS NEI<BOR--Y\ WILL UND\BT$LY HAVE SOME?+ HE WANTS1 OR BE ABLE TO DO SOME SORT ( FAVOR = HIM1 EV5TUALLY4 ,BUT )\T ASSUM+ ! SPOT TRADE1 !RE'S NO D\BLE CO9CID5CE ( WANTS PROBLEM1 & !RE=E1 NO NE$ TO 9V5T MONEY4 

,:AT AN?ROPOLOGI/S HAVE 9 FACT OBS]V$ :]E MONEY IS NOT US$ IS NOT A SY/EM ( EXPLICIT L5D+ & BORR[+1 BUT A V]Y BROAD SY/EM ( NON-5UM]AT$ CR$ITS & DEBTS4 ,9 MO/ SU* SOCIETIES1 IF A NEI<BOR WANTS SOME POSSESSION ( Y\RS1 IT USUALLY SUFFICES SIMPLY TO PRAISE IT 70:AT A MAGNIFIC5T PIG6072 ! RESPONSE IS TO IMM$IATELY H& IT OV]1 ACCOMPANI$ BY MU* 9SI/5CE ?AT ?IS IS A GIFT & ! DONOR C]TA9LY W\LD NEV] WANT ANY?+ 9 RETURN4 ,9 FACT1 ! RECIPI5T N[ [ES HIM A FAVOR4 ,N[1 HE MI<T WELL JU/ SIT ON ! FAVOR1 S9CE IT'S NICE TO HAVE O!RS BEHOLD5 TO Y\1 OR HE MI<T DEM& SOME?+ ( AN EXPLICITLY NON-MAT]IAL K9D 70Y\ KN[1 MY SON IS 9 LOVE ) Y\R DAU<T]44407 ,HE MI<T ASK = ANO!R PIG1 OR SOME?+ HE CONSID]S R\<LY EQUIVAL5T 9 K9D4 ,BUT IT'S ALMO/ IMPOSSIBLE TO SEE H[ ANY ( ?IS W\LD LEAD TO A SY/EM :]EBY IT'S POSSIBLE TO MEASURE PROPORTIONAL VALUES4 ,AFT] ALL1 EV5 IF1 AS SOMETIMES HAPP5S1 ! P>TY [+ ONE FAVOR HEADS Y\ (F BY PRES5T+ Y\ ) SOME UNWANT$ PRES5T1 & ONE CONSID]S IT 9ADEQUATE--A FEW *ICK5S1 = EXAMPLE--ONE MI<T MOCK HIM AS A *EAPSKATE1 BUT ONE IS UNLIKELY TO FEEL ! NE$ TO COME UP ) A MA!MATICAL =MULA TO MEASURE JU/ H[ *EAP Y\ CONSID] HIM TO BE4 ,AS A RESULT1 AS ,*RIS ,GREGORY OBS]V$1 :AT Y\ ORD9>ILY F9D 9 SU* 'GIFT ECONOMIES' IS A BROAD RANK+ ( DIFF]5T TYPES ( GOODS--CANOES >E R\<LY ! SAME AS HEIRLOOM NECKLACES1 BO? >E SUP]IOR TO PIGS & :ALE TEE?1 :I* >E SUP]IOR TO *ICK5S1 ETC--BUT NO SY/EM :]EBY Y\ CAN MEASURE H[ MANY PIGS EQUAL ONE CANOE4 .<#c.> 

,ALL ?IS IS NOT TO SAY ?AT B>T] NEV] OCCURS4 ,IT IS WIDELY ATTE/$ 9 MANY TIMES & PLACES4 ,BUT IT TYPICALLY OCCURS BETWE5 /RANG]S1 PEOPLE :O HAVE NO MORAL RELATIONS ) ONE ANO!R4 ,!RE IS A REASON :Y 9 JU/ AB\T ALL ,EUROPEAN LANGUAGES1 ! WORDS 'TRUCK & B>T]' ORIG9ALLY MEANT 'TO BILK1 SW9DLE1 OR RIP (F4' .<#d.> ,/ILL !RE IS NO REASON TO BELIEVE SU* B>T] W\LD EV] LEAD TO ! EM]G5CE ( MONEY4 ,?IS IS BECAUSE B>T] TAKES ?REE KN[N =MS3 

,B>T] CAN TAKE ! =M ( OCCASIONAL 9T]ACTIONS BETWE5 PEOPLE NEV] LIKELY TO MEET EA* O!R AGA94 ,?IS MI<T 9VOLVE 'D\BLE CO9CID5CE ( WANTS' PROBLEMS BUT IT WILL NOT LEAD TO ! EM]G5CE ( A SY/EM ( MONEY BECAUSE R>E & OCCASIONAL EV5TS WON'T LEAD TO ! EM]G5CE ( A SY/EM ( ANY K9D4 

,IF !RE >E ONGO+ TRADE RELATIONS BETWE5 /RANG]S 9 MONEYLESS ECONOMIES1 IT'S BECAUSE EA* SIDE KN[S ! O!R SIDE HAS SOME SPECIFIC PRODUCT7S7 !Y WANT TO ACQUIRE--SO !RE IS NO 'D\BLE CO9CID5CE ( WANTS' PROBLEM4 ,RA!R ?AN LEAD+ TO PEOPLE HAV+ TO CREATE SOME CIRCULAT+ M$IUM ( EX*ANGE 7MONEY7 TO FACILITATE TRANSACTIONS1 SU* TRADE NORMALLY LEADS TO ! CREATION ( A SY/EM ( TRADITIONAL EQUIVAL5TS RELATIVELY 9SULAT$ FROM VAG>IES ( SUPPLY & DEM&4 

,SOMETIMES1 B>T] BECOMES A WIDESPREAD MODE ( 9T]ACTION :5 Y\ HAVE PEOPLE US$ TO US+ MONEY 9 EV]YDAY TRANSACTIONS :O >E SUDD5LY =C$ TO C>RY ON )\T IT4 ,?IS CAN HAPP51 = 9/ANCE1 BECAUSE ! MONEY SUPPLY DRIES UP 7,RUSSIA 9 ! '#iS71 OR BECAUSE ! PEOPLE 9 QUE/ION HAVE NO ACCESS TO IT 7PRISON]S OR D5IZ5S ( ,P,[ CAMPS47 ,?IS CANNOT LEAD TO ! 9V5TION ( MONEY BECAUSE MONEY HAS ALREADY BE5 9V5T$4 .<#e.> 

,SO ?IS IS ! ACTUAL >GUM5T1 :I* ,PR(4 ,MURPHY C\LD EASILY HAVE ASC]TA9$ ) A GLANCE AT ! RELEVANT *APT] ( ! BOOK4 

,IT'S EASY TO SEE FROM ?IS ?AT HIS C\NT]->GUM5TS RANGE FROM EXTREMELY WEAK TO COMPLETELY IRRELEVANT4 ,LET ME TAKE !M ON 9 TURN1 SU* AS !Y >E 

,MURPHY >GUES ?AT ! FACT ?AT !RE >E NO DOCUM5T$ CASES ( B>T] ECONOMIES DOESN'T MATT]1 BECAUSE ALL ?AT IS REALLY REQUIR$ IS = !RE TO HAVE BE5 SOME P]IOD ( HI/ORY1 H[EV] BRIEF1 :]E B>T] WAS WIDESPREAD = MONEY TO HAVE EM]G$4 ,?IS IS AB\T ! WEAKE/ >GUM5T ONE CAN POSSIBLY MAKE4 ,REMEMB]1 ECONOMI/S ORIG9ALLY PR$ICT$ ALL 7#a.07 NON-MONET>Y ECONOMIES W\LD OP]ATE ?R\< B>T]4 ,! ACTUAL FIGURE ( OBS]VABLE CASES IS .04 ,ECONOMI/S CLAIM TO BE SCI5TI/S4 ,NORMALLY1 :5 A SCI5TI/'S PREMISES PRODUCE SU* SPECTACUL>LY NON-PR$ICTIVE RESULTS1 ! SCI5TI/ BEG9S WORK+ ON A NEW SET ( PREMISES4 ,SAY+ 0BUT CAN Y\ PROVE IT DIDN'T HAPP5 SOMETIME LONG LONG AGO :]E !RE >E NO RECORDS80 IS A CLASSIC EXAMPLE ( SPECIAL PLEAD+4 ,9 FACT1 ,I CAN'T PROVE IT DIDN'T4 ,I ALSO CAN'T PROVE ?AT MONEY WASN'T 9TRODUC$ BY LITTLE GRE5 M5 FROM ,M>S 9 A SIMIL> UNKN[N P]IOD ( HI/ORY4 ,GIV5 ! WEI<T ( ! EVID5CE1 ! BURD5 ( PRO( IS ON ! ,MURPHYS ( ! WORLD TO PRODUCE SOME PLAUSIBLE REASON :Y ALL OBS]VABLE CASES ( MONEYLESS SOCIETIES FAIL TO OP]ATE ! WAY ,M5G] PR$ICT$1 & !RE=E1 :Y WE HAVE ANY REASON TO BELIEVE SOME UNKN[N AGE W\LD HAVE BE5 ANY DIFF]5T2 & ?IS1 HE DOES NOT EV5 ATTEMPT TO DO4 

,MURPHY !N GOES ON TO PRODUCE A /RAW MAN SAY+ ?AT A SY/EM :]E PEOPLE BORR[ ?+S FROM ONE ANO!R & !N TURN TO POLITICAL AU?ORITIES TO REGULATE ! SY/EM W\LD NOT PRODUCE MONEY4 ,TRUE 5\<1 BUT IT SEEMS A BIT IRRELEVANT CONSID]+ 7A7 ,I NEV] SAY PEOPLE W\LD BE 0BORR[+0 FROM EA* O!R 9 ! WAY HE DESCRIBES1 7B7 ,I NEV] ATTRIBUTE ANY ROLE TO POLITICAL AU?ORITIES 9 ?IS PROCESS1 & 7C7 RA!R ?AN SAY+ ! 9=MAL SY/EM ( FAVORS ,I DO DESCRIBE W\LD LEAD TO ! 9V5TION ( MONEY1 ,I EXPLICITLY SAY ?AT IT W\LD NOT4 

,HE !N RE/ATES ,M5G]'S >GUM5T AB\T H[ MONEY C\LD EM]GE FROM B>T]1 AN >GUM5T ?AT GIV5 ! WEI<T ( EVID5CE SO F> PRES5T$ W\LD ONLY BE RELEVANT IF !RE WAS SOME REASON TO BELIEVE MONEY C\LD NOT HAVE EM]G$ 9 ANY O!R WAY4 ,HE GIVES NO SU* REASON1 O!R ?AN ?AT HE CANNOT P]SONALLY IMAG9E MONEY EM]G+ ANY O!R WAY4 

,MURPHY 5DS BY NOT+ ! FAM\S /UDY ( H[ WIDESPREAD B>T] BETWE5 PRISON]S 9 ,P,[ CAMPS SEEM TO HAVE L$ TO ! USE ( CIG>ETTES AS MONEY--AN >GUM5T :I*1 IF HE HAD BO!R$ TO READ ! 5TIRE 9T]VIEW1 LET ALONE ! BOOK1 HE W\LD HAVE KN[N IS ACTUALLY A CONFIRMATION ( MY >GUM5T 7SEE #cC ABOVE7 & NOT A REFUTATION4 

,TO BE FAIR1 ,MURPHY HAS ONE O!R >GUM5T--HE ADOPTS ! POSITION1 FIR/ PROPOS$ BY ,K>L ,M>X .<6.>1 ?AT MONEY FIR/ EM]G$ FROM B>T] 9 ! PROCESS ( 9T]NATIONAL TRADE4 ,! EVID5CE IS AS FOLL[S3 :ILE ! FIR/ RECORDS WE HAVE ( MONEY >E ADM9I/RATIVE DOCUM5TS FROM ,MESOPOTAMIA1 9 :I* MONEY IS US$ ALMO/ EXCLUSIVELY 9 KEEP+ ACC\NTS )9 L>GE BUREAUCRATIC ORGANIZATIONS 7,TEMPLES & ,PALACES71 ! SY/EM IS BAS$ ON A FIX$ EQUIVAL5CE BETWE5 B>LEY & SILV]1 & ?AT S9CE SILV] WAS A TRADE ITEM1 ?IS %[S ?AT ,MESOPOTAMIAN M]*ANTS MU/ HAVE BE5 US+ SILV] AS A M$IUM ( EX*ANGE 9 SPOT TRANSACTIONS ) LONG-DI/ANCE TRADE P>TN]S = ?AT SY/EM TO !N BE ADOPT$ AS A UNIT ( ACC\NT 9 ADM9I/RATIVE TRANSACTIONS )9 ,TEMPLES4 ,?IS M]ITS A BIT MORE ( A RESPONSE--NOT BECAUSE IT IS A P>TICUL>LY COG5T >GUM5T 7IT'S BASICALLY CIRCUL>3 0S9CE MONEY CAN ONLY HAVE >IS5 ?R\< B>T]1 IF SILV] WAS MONEY1 IT MU/ HAVE >IS5 ?R\< B>T]071 BUT BECAUSE IT RAISES SOME 9T]E/+ QUE/IONS AB\T H[ MONEY ACTUALLY DID EM]GE4 

,AS ,I REM>K$ ABOVE1 OCCASIONAL1 IRREGUL> EX*ANGE BETWE5 /RANG]S WILL NOT G5]ATE A MONEY SY/EM--S9CE IRREGUL>1 OCCASIONAL EX*ANGE WILL NOT PRODUCE ANY K9D ( SY/EM4 ,9 ANCI5T TIMES1 IF Y\ DO SEE REGUL> EX*ANGE BETWE5 /RANG]S1 IT'S BECAUSE !RE >E SPECIFIC GOODS ?AT EA* SIDE KN[S !Y WANT OR NE$4 ,ONE HAS TO BE> 9 M9D ?AT UND] ANCI5T CONDITIONS1 LONG-DI/ANCE TRADE WAS EXTREMELY DANG]\S4 ,Y\ DON'T CROSS M\NTA9S1 DES]TS1 & OCEANS1 RISK+ DEA? 9 A DOZ5 DIFF]5T WAYS1 SO AS TO %[ UP ) A COLLECTION ( GOODS Y\ ?9K SOMEONE MI<T WANT1 9 ORD] TO SEE IF !Y HAPP5 TO HAVE SOME?+ Y\ MI<T WANT TOO4 ,Y\ %[ UP BECAUSE Y\ KN[ !RE >E PEOPLE :O HAVE ALWAYS WANT$ WOOL5S & :O HAVE ALWAYS HAD LAPIS LAZULI4 ,AS NOT$ ABOVE1 LOGICALLY1 :AT SU* A SITUATION W\LD LEAD TO IS A S]IES ( CONV5TIONAL EQUIVAL5CES--SO MANY WOOL5S = SO MANY PIECES ( LAPIS LAZULI--EQUIVAL5CES :I* >E LIKELY TO BE MA9TA9$ DESPITE CONT+5CIES ( SUPPLY & DEM&1 BECAUSE ALL P>TIES NE$ TO R$UCE RISK 9 ORD] TO BE ABLE TO CONT9UE TO ! TRADE AT ALL4 ,& ONCE AGA91 :AT LOGIC W\LD PR$ICT IS PRECISELY :AT WE F9D4 ,EV5 9 P]IODS ( HUMAN HI/ORY :]E MONEY & M>KETS DID ALREADY EXI/1 M]*ANTS (T5 CONT9UE TO CONDUCT HI<-RISK LONG DI/ANCE TRADE ?R\< A SY/EM ( CONV5TIONAL EQUIVAL5TS1 OR IF MONEY IS US$1 ADM9I/]$ PRICES1 BETWE5 SPECIFIC COMMODITIES !Y KN[ WILL BE AVAILABLE1 OR 9 DEM&1 AT C]TA9 PRE-E/ABLI%$ LOCATIONS4 

,ONE MI<T ( C\RSE ASK1 C\LD NOT SU* A SY/EM G5]ATE SOME?+ LIKE MONEY ( ACC\NT--?AT IS1 ! USE ( ONE OR TWO RELATIVELY DESIRABLE COMMODITIES TO MEASURE ! VALUE ( O!R ONES1 ONCE MORE ITEMS W]E ADD$ TO ! MIX 7SAY1 \R M]*ANT IS MAK+ SEV]AL /OPS78 ,! ANSW] IS YES4 ,NO D\BT 9 C]TA9 CIRCUM/ANCES1 SOME?+ LIKE ?IS DID HAPP54 ,( C\RSE1 IT W\LD HAVE MEANT ?AT MONEY1 9 SU* CASES1 WAS FIR/ CREAT$ AS A MEANS TO AVOID M>KET ME*ANISMS1 & ?AT IT WAS NOT US$ MA9LY AS A M$IUM ( TRANSACTIONS1 BUT RA!R1 PRIM>ILY AS A MEANS ( ACC\NT4 ,ONE C\LD EV5 MAKE UP AN IMAG9>Y SC5>IO :]EBY ONCE Y\ />T US+ ONE DIVISIBLE_/PORTABLE_/ETC COMMODITY AS A MEANS ( E/ABLI%+ FIX$ EQUIVAL5TS BETWE5 O!R ONES1 Y\ C\LD />T US+ IT = M9OR OCCASIONAL TRANSACTIONS1 TO MEASURE NEGOTIAT$ PRICES = SPOT TRADE SWAPS ON ! SIDE1 9 A MORE M>KET-DRIV5 WAY4 ,ALL ?AT IS POSSIBLE & LIKELY AS IT DID HAPP5 N[ & AGA9--AFT] ALL1 WE'RE DEAL+ ) ?\S&S ( YE>S H]E4 ,LIKELY ALL SORTS ( ?+S HAPP5$ OV] ?IS LONG P]IOD4 ,H[EV]1 !RE IS NO REASON TO ASSUME ?AT SU* A SY/EM W\LD PRODUCE A CONCRETE M$IUM ( EX*ANGE REGUL>LY US$ 9 MAK+ !SE TRANSACTIONS--9 FACT1 GIV5 ! DANG]S ( ANCI5T TRADE1 9SI/+ ?AT SOME M$IUM LIKE SILV] ACTUALLY BE US$ 9 ALL TRANSACTIONS1 RA!R ?AN A CR$IT SY/EM1 W\LD BE COMPLETELY IRRATIONAL1 S9CE ! NE$ TO C>RY >\ND SU* A MONEY-/UFF W\LD MAKE ONE A F>1 F>1 MORE ATTRACTIVE T>GET TO POT5TIAL ?IEVES4 ,A DES]T NOMAD B& MI<T NOT ATTACK A C>AVAN C>RY+ LAPIS LAZULI1 ESPECIALLY IF ! ONLY POT5TIAL BUY]S W]E TEMPLES :I* W\LD PROBABLY KN[ ALL ! ACTIVE M]*ANTS & KN[ ?AT Y\ HAD /OL5 ! /UFF 7& EV5 IF Y\ C\LD TRADE = !M1 :AT >E Y\ GO+ TO DO ) A BIG PILE ( WOOL5S ANYWAY1 Y\ LIVE 9 A DES]T87 BUT !Y'D DEF9ITELY GO AFT] SOMEONE C>RY+ >\ND A UNIV]SAL EQUIVAL5T4 7,?IS IS PRESUMABLY ! REASON :Y ! GREAT LONG-DI/ANCE TRAD]S ( ! ,CLASSICAL ,WORLD1 ! ,PHO5ICIANS1 W]E AMONG ! LA/ TO ADOPT CO9AGE--IF MONEY WAS 9V5T$ AS A CIRCULAT+ M$IUM = LONG-DI/ANCE TRADE1 !Y %\LD HAVE BE5 ! FIR/47 

,! O!R PROBLEM IS ?AT !RE IS NO REASON TO BELIEVE ?AT SU* A ME*ANISM--:I* W\LD PRESUMABLY ONLY BE US$ BY ?AT T9Y PROPORTION ( ! POPULATION :O 5GAG$ 9 LONG DI/ANCE TRADE1 & :O T5D$ TO TREAT SU* MATT]S AS SPECIALIZ$ KN[L$GE TO BE GU>D$ FROM \TSID]S--C\LD POSSIBLY CREATE A MONEY SY/EM US$ 9 EV]YDAY TRANSACTIONS )9 A SOCIETY OR ANY EVID5CE ?AT IT MI<T HAVE DONE SO4 

,! ACTUAL EVID5CE IS ?AT 9 ,MESOPOTAMIA--! FIR/ CASE WE KN[ ANY?+ AB\T--!SE MORE WIDESPREAD PRIC+ SY/EMS 9 FACT EM]G$ AS A SIDE-EFFECT ( NON-/ATE BUREAUCRACIES4 ,AGA91 NON-/ATE BUREAUCRACIES >E A PH5OM5ON ?AT NO ECONOMIC MODEL W\LD EV5 HAVE ANTICIPAT$ EXI/+4 ,IT'S (F ! MAP ( ECONOMIC !ORY4 ,BUT LOOK AT ! HI/ORICAL RECORD & !RE !Y >E4 ,SUM]IAN ,TEMPLES 7& EV5 MANY ( ! E>LY ,PALACE COMPLEXES ?AT IMITAT$ !M7 W]E NOT /ATES1 DID NOT EXTRACT TAXES OR MA9TA9 A MONOPOLY ( =CE1 BUT DID CONTA9 ?\S&S ( PEOPLE 5GAG$ 9 AGRICULTURE1 9DU/RY1 FI%+1 & H]D+1 PEOPLE :O HAD TO BE F$ & PROVISION$1 !IR 9PUTS & \TPUTS MEASUR$4 ,ALL EVID5CE ?AT EXI/S PO9TS TO MONEY EM]G+ AS A S]IES ( FIX$ EQUIVAL5T BETWE5 SILV]--! /UFF US$ TO MEASURE FIX$ EQUIVAL5TS 9 LONG DI/ANCE TRADE1 & CONV5I5TLY /OCKPIL$ 9 ! TEMPLES !MSELVES :]E IT WAS US$ TO MAKE IMAGES ( GODS1 ETC4--& GRA91 ! /UFF US$ TO PAY ! MO/ IMPORTANT RATIONS FROM TEMPLE /OCKPILES TO ITS WORK]S4 ,H5CE1 AS ECONOMI/ & ,NAK$ ,CAPITALISM CONTRIBUTOR ,MI*AEL ,HUDSON HAS SO BRILLIANTLY DEMON/RAT$ .<#f.>1 A SILV] %EKEL WAS FIX$ AS ! AM\NT ( SILV] EQUIVAL5T TO ! NUMB]S ( BU%ELS ( B>LEY ?AT C\LD PROVIDE TWO MEALS A DAY = A TEMPLE WORK] OV] ! C\RSE ( A MON?4 ,OBVI\SLY SU* A RATION SY/EM W\LD BE ( NO 9T]E/ TO A M]*ANT4 

,SO EV5 IF SOME SORT ( R\< SY/EM ( FIX$ EQUIVAL5CES1 MEASUR$ BY SILV]1 MI<T HAVE EM]G$ 9 ! PROCESS ( TRADE 7NOTE AGA93 NOT A SY/EM ( ACTUAL SILV] CURR5CY EM]G+ FROM B>T]71 IT WAS ! ,TEMPLE BUREAUCRACIES ?AT ACTUALLY HAD SOME REASON TO EXT5D ! SY/EM FROM A UNIT US$ TO COMP>E ! VALUE ( A LIMIT$ NUMB] ( R>E ITEMS TRAD$ LONG DI/ANCE1 US$ ALMO/ EXCLUSIVELY BY MEMB]S ( ! POLITICAL OR ADM9I/RATIVE ELITE1 TO SOME?+ ?AT C\LD BE US$ TO COMP>E ! VALUES ( EV]YDAY ITEMS4 ,! DEVELOPM5T ( LOCAL M>KETS )9 CITIES1 9 TURN1 CAME AS A SIDE EFFECT ( !SE SY/EMS1 & ALL EVID5CE %[S !Y TOO OP]AT$ PRIM>ILY ?R\< CR$IT4 ,= 9/ANCE1 ,SUM]IANS1 ?\< !Y HAD ! TE*NOLOGICAL MEANS TO DO SO1 NEV] PRODUC$ SCALES ACCURATE 5\< TO WEI< \T ! T9Y AM\NTS ( SILV] ?AT W\LD HAVE BE5 REQUIR$ TO BUY A S+LE CASK ( BE]1 OR A WOOL5 TUNIC1 OR A HAMM]--! CLE>E/ 9DICATION ?AT EV5 ONCE MONEY DID EXI/1 IT WAS NOT US$ AS A M$IUM ( EX*ANGE = M9OR TRANSACTIONS1 BUT RA!R AS A MEANS ( KEEP+ TRACK ( TRANSACTIONS MADE ON CR$IT4 

,9 MANY TIMES & PLACES1 ONE SEES A SIMIL> >RANGEM5T3 TWO SORTS ( MONEY1 ONE1 A COMMON LONG-DI/ANCE TRADE ITEM1 ! O!R1 A COMMON SUBSI/5CE ITEM--CATTLE1 GRA9--?AT'S /OCKPIL$1 BUT NEV] TRAD$4 ,/ILL1 ,TEMPLE BUREAUCRACIES & !IR ILK >E SOME?+ ( A R>ITY4 ,9 !IR ABS5CE1 H[ ELSE MI<T A SY/EM ( PRIC+1 ( PROPORTIONAL EQUIVAL5TS BETWE5 ! VALUES ( ANY & ALL OBJECTS1 POT5TIALLY >ISE8 ,H]E AGA91 AN?ROPOLOGY & HI/ORY BO? PROVIDE ONE COMPELL+ ANSW]1 ONE ?AT AGA91 FALLS (F ! RAD> ( JU/ AB\T ALL ECONOMI/S :O HAVE EV] WRITT5 ON ! SUBJECT4 ,?AT IS3 LEGAL SY/EMS4 

,IF SOMEONE MAKES AN 9ADEQUATE RETURN Y\ WILL M]ELY MOCK HIM AS A *EAPSKATE4 ,IF Y\ DO SO :5 HE IS DRUNK & HE RESPONDS BY POK+ Y\R EYE \T1 Y\ >E MU* MORE LIKELY TO DEM& EXACT COMP5SATION4 ,& ?AT IS1 AGA91 EXACTLY :AT WE F9D4 ,AN?ROPOLOGY IS FULL ( EXAMPLES ( SOCIETIES )\T M>KETS OR MONEY1 BUT ) ELABORATE SY/EMS ( P5ALTIES = V>I\S =MS ( 9JURIES OR SLI<TS4 ,& IT IS :5 SOMEONE HAS KILL$ Y\R BRO!R1 OR SEV]$ Y\R F+]1 ?AT ONE IS MO/ LIKELY TO /ICKLE1 & SAY1 0,! LAW SAYS #bg HEIF]S ( ! F9E/ QUALITY & IF !Y'RE NOT ( ! F9E/ QUALITY1 ?IS MEANS W>60 ,IT'S ALSO ! SITUATION :]E !RE IS MO/ LIKELY TO BE A NE$ TO E/ABLI% PROPORTIONAL VALUES3 IF ! CULPRIT DOES NOT HAVE HEIF]S1 BUT WI%ES TO SUB/ITUTE SILV] PLATES1 ! VICTIM IS V]Y LIKELY TO 9SI/ ?AT ! EQUIVAL5T BE EXACT4 7,!RE IS A REASON ! WORD 'PAY' COMES FROM A ROOT ?AT MEANS 'TO PACIFY'47 

,AGA91 UNLIKE ! ECONOMI/S' V]SION1 ?IS IS NOT HYPO!TICAL4 ,?IS IS A DESCRIPTION ( :AT ACTUALLY HAPP5S--& NOT ONLY 9 ! E?NOGRAPHIC RECORD1 BUT ! HI/ORICAL ONE AS WELL4 ,! NUMISMATI/ ,PHILLIP ,GRI]SON LONG AGO PO9T$ TO ! EXI/5CE ( SU* ELABORATE SY/EMS ( EQUIVAL5TS 9 ! ,B>B>IAN ,LAW ,CODES ( E>LY ,M$IEVAL ,EUROPE4 .<#g.>,= EXAMPLE1 ,WEL% & ,IRI% CODES CONTA9 EXTREMELY DETAIL$ PRICE S*$ULES :]E 9 ! ,WEL% CASE1 ! EXACT VALUE ( EV]Y OBJECT LIKELY TO BE F\ND 9 SOMEONE'S H\SE W]E WORK$ \T 9 PA9/AK+ DETAIL1 FROM COOK+ UT5SILS TO FLOORBO>DS--DESPITE ! FACT ?AT !RE APPE> TO HAVE BE51 AT ! TIME1 NO M>KETS :]E ANY SU* ITEMS C\LD BE B\<T & SOLD4 ,! PRIC+ SY/EM EXI/$ SOLELY = ! PAYM5T ( DAMAGES & COMP5SATION--P>TLY MAT]IAL1 BUT P>TICUL>LY = 9SULTS TO PEOPLE'S HONOR1 S9CE ! PRECISE VALUE ( EA* MAN'S P]SONAL DIGNITY C\LD ALSO BE PRECISELY QUANTIFI$ 9 MONET>Y T]MS4 ,ONE CAN'T HELP BUT WOND] H[ CLASSICAL ECONOMIC !ORY W\LD ACC\NT = SU* A SITUATION4 ,DID ! ANCI5T ,WEL% & ,IRI% 9V5T MONEY ?R\< B>T] AT SOME PO9T 9 ! DI/ANT PA/1 & !N1 HAV+ 9V5T$ IT1 KEPT ! MONEY1 BUT /OPP$ BUY+ & SELL+ ?+S TO ONE ANO!R 5TIRELY8 

,! P]SI/5CE ( ! B>T] MY? IS CURI\S4 ,IT ORIG9ALLY GOES BACK TO ,ADAM ,SMI?4 ,O!R ELEM5TS ( ,SMI?'S >GUM5T HAVE LONG S9CE BE5 AB&ON$ BY MA9/REAM ECONOMI/S--! LABOR !ORY ( VALUE BE+ ONLY ! MO/ FAM\S EXAMPLE4 ,:Y 9 ?IS ONE CASE >E !RE SO MANY DESP]ATELY TRY+ TO CONCOCT IMAG9>Y TIMES & PLACES :]E SOME?+ LIKE ?IS MU/ HAVE HAPP5$1 DESPITE ! OV]:ELM+ EVID5CE ?AT IT DID NOT8 

,IT SEEMS TO ME BECAUSE IT GOES BACK PRECISELY TO ?IS NOTION ( RATIONALITY ?AT ,ADAM ,SMI? TOO EMBRAC$3 ?AT HUMAN BE+S >E RATIONAL1 CALCULAT+ EX*ANG]S SEEK+ MAT]IAL ADVANTAGE1 & ?AT !RE=E IT IS POSSIBLE TO CON/RUCT A SCI5TIFIC FIELD ?AT /UDIES SU* BEHAVIOR4 ,! PROBLEM IS ?AT ! REAL WORLD SEEMS TO CONTRADICT ?IS ASSUMPTION AT EV]Y TURN4 ,?US WE F9D ?AT 9 ACTUAL VILLAGES1 RA!R ?AN ?9K+ ONLY AB\T GETT+ ! BE/ DEAL 9 SWAPP+ ONE MAT]IAL GOOD = ANO!R ) !IR NEI<BORS1 PEOPLE >E MU* MORE 9T]E/$ 9 :O !Y LOVE1 :O !Y HATE1 :O !Y WANT TO BAIL \T ( DIFFICULTIES1 :O !Y WANT TO EMB>RASS & HUMILIATE1 ETC4--NOT TO M5TION ! NE$ TO HEAD (F FEUDS4 

,EV5 :5 /RANG]S MET & B>T] DID 5SUE1 PEOPLE (T5 HAD A LOT MORE ON !IR M9DS ?AN GETT+ ! L>GE/ POSSIBLE NUMB] ( >RO:EADS 9 EX*ANGE = ! SMALLE/ NUMB] ( %ELLS4 ,LET ME 5D1 !N1 BY GIV+ A C\PLE EXAMPLES FROM ! BOOK1 ( ACTUAL1 DOCUM5T$ CASES ( 'PRIMITIVE B>T]'--ONE ( ! OCCASIONAL1 ONE ( ! MORE E/ABLI%$ FIX$-EQUIVAL5T TYPE4 

,! FIR/ EXAMPLE IS FROM ! ,AMAZONIAN ,NAMBIKW>A1 AS DESCRIB$ 9 AN E>LY ESSAY BY ! FAM\S ,FR5* AN?ROPOLOGI/ ,CLAUDE ,LEVI-,/RAUSS4 ,?IS WAS A SIMPLE SOCIETY )\T MU* 9 ! WAY ( DIVISION ( LABOR1 ORGANIZ$ 9TO SMALL B&S ?AT TRADITIONALLY NUMB]$ AT BE/ A HUNDR$ PEOPLE EA*4 ,OCCASIONALLY IF ONE B& SPOTS ! COOK+ FIRES ( ANO!R 9 !IR VIC9ITY1 !Y WILL S5D EMISS>IES TO NEGOTIATE A MEET+ = PURPOSES ( TRADE4 ,IF ! (F] IS ACCEPT$1 !Y WILL FIR/ HIDE !IR WOM5 & *ILDR5 9 ! =E/1 !N 9VITE ! M5 ( O!R B& TO VISIT CAMP4 ,EA* B& HAS A *IEF & ONCE EV]YONE HAS BE5 ASSEMBL$1 EA* *IEF GIVES A =MAL SPEE* PRAIS+ ! O!R P>TY & BELITTL+ HIS [N2 EV]YONE PUTS ASIDE !IR WEAPONS TO S+ & DANCE TOGE!R--?\< ! DANCE IS ONE ?AT MIMICS MILIT>Y CONFRONTATION4 ,!N1 9DIVIDUALS FROM EA* SIDE APPROA* EA* O!R TO TRADE3 

,IF AN 9DIVIDUAL WANTS AN OBJECT HE EXTOLS IT BY SAY+ H[ F9E IT IS4 ,IF A MAN VALUES AN OBJECT & WANTS MU* 9 EX*ANGE = IT1 9/EAD ( SAY+ ?AT IT IS V]Y VALUABLE HE SAYS ?AT IT IS WOR?LESS1 ?US %[+ HIS DESIRE TO KEEP IT4 ',?IS AX IS NO GOOD1 IT IS V]Y OLD1 IT IS V]Y DULL'1 HE WILL SAY444 .<#h.> 

,9 ! 5D1 EA* 0SNAT*ES ! OBJECT \T ( ! O!R'S H&0--& IF ONE SIDE DOES SO TOO E>LY1 FI<TS MAY 5SUE4 

,! :OLE BUS9ESS CONCLUDES ) A GREAT FEA/ AT :I* ! WOM5 REAPPE>1 BUT ?IS TOO CAN LEAD TO PROBLEMS1 S9CE AMID ! MUSIC & GOOD *E]1 !RE IS AMPLE OPPORTUNITY = S$UCTIONS 7REMEMB]1 !SE >E PEOPLE :O NORMALLY LIVE 9 GR\PS ?AT CONTA9 ONLY P]HAPS A DOZ5 MEMB]S ( ! OPPOSITE SEX ( >\ND ! SAME AGE ( !MSELVES4 ,! *ANCE TO MEET O!RS IS PRETTY ?RILL+47 ,?IS SOMETIMES L$ TO JEAL\S QU>RELS4 ,OCCASIONALLY1 M5 W\LD GET KILL$1 & TO HEAD (F ?IS DESC5D+ 9TO \TRI<T W>F>E1 ! USUAL SOLUTION WAS TO HAVE ! KILL] ADOPT ! NAME ( ! VICTIM1 :I* W\LD ALSO GIVE HIM ! RESPONSIBILITY = C>+ = HIS WIFE & *ILDR54 

,! SECOND EXAMPLE IS ! ,GUNW9NGU ( ,WE/ ,>NHEM L& 9 ,AU/RALIA1 FAM\S = 5T]TA9+ NEI<BORS 9 RITUALS ( C]EMONIAL B>T] CALL$ ! DZAMALAG4 ,H]E ! ?REAT ( ACTUAL VIOL5CE SEEMS MU* MORE DI/ANT4 ,! REGION IS ALSO UNIT$ BY BO? A COMPLEX M>RIAGE SY/EM & LOCAL SPECIALIZATION1 EA* GR\P PRODUC+ !IR [N TRADE PRODUCT ?AT !Y B>T] ) ! O!RS4 

,9 ! #a#i#dS1 AN AN?ROPOLOGI/1 ,RONALD ,B]NDT1 DESCRIB$ ONE DZAMALAG RITUAL1 :]E ONE GR\P 9 POSSESSION ( IMPORT$ CLO? SWAPP$ !IR W>ES ) ANO!R1 NOT$ = ! MANUFACTURE ( S]RAT$ SPE>S4 ,H]E TOO IT BEG9S AS /RANG]S1 AFT] 9ITIAL NEGOTIATIONS1 >E 9VIT$ TO ! HO/S' CAMP1 & ! M5 BEG9 S++ & DANC+1 9 ?IS CASE ACCOMPANI$ BY A DIDJ]IDU4 ,WOM5 FROM ! HO/S' SIDE !N COME1 PICK \T ONE ( ! M51 GIVE HIM A PIECE ( CLO?1 & !N />T PUN*+ HIM & PULL+ (F HIS CLO!S1 F9ALLY DRAGG+ HIM (F TO ! SURR\ND+ BU% TO HAVE SEX1 :ILE HE FEIGNS RELUCTANCE1 :]EON ! MAN GIVES H] A SMALL GIFT ( BEADS OR TOBACCO4 ,GRADUALLY1 ALL ! WOM5 SELECT P>TN]S1 !IR HUSB&S URG+ !M ON1 :]EUPON ! WOM5 FROM ! O!R SIDE />T ! PROCESS 9 REV]SE1 RE-OBTA9+ MANY ( ! BEADS & TOBACCO OBTA9$ BY !IR [N HUSB&S4 ,! 5TIRE C]EMONY CULM9ATES AS ! VISITORS' M5-FOLK P]=M A COORD9AT$ DANCE1 PRET5D+ TO ?REAT5 !IR HO/S ) ! SPE>S1 BUT F9ALLY1 9/EAD1 H&+ ! SPE>S OV] TO ! HO/S' WOM5FOLK1 DECL>+3 0,WE DO NOT NE$ TO SPE> Y\1 S9CE WE ALREADY HAVE60 .<#i.> 

,9 O!R WORDS1 ! ,GUNW9NGU MANAGE TO TAKE ALL ! MO/ ?RILL+ ELEM5TS 9 ! ,NAMBIKW>A 5C\NT]S--! ?REAT ( VIOL5CE1 ! OPPORTUNITY = SEXUAL 9TRIGUE--& TURN IT 9TO AN 5T]TA9+ GAME 7ONE ?AT1 ! E?NOGRAPH] REM>KS1 IS CONSID]$ 5ORM\S FUN = EV]YONE 9VOLV$74 ,9 SU* A SITUATION1 ONE W\LD HAVE TO ASSUME OBTA9+ ! OPTIMAL CLO?-=-SPE>S RATIO IS ! LA/ ?+ ON MO/ P>TICIPANTS' M9DS4 7,& ANYWAY1 !Y SEEM TO OP]ATE ON TRADITIONAL FIX$ EQUIVAL5CES47 

,ECONOMI/S ALWAYS ASK US TO 'IMAG9E' H[ ?+S MU/ HAVE WORK$ BE=E ! ADV5T ( MONEY4 ,:AT SU* EXAMPLES BR+ HOME MORE ?AN ANY?+ ELSE IS JU/ H[ LIMIT$ !IR IMAG9ATIONS REALLY >E4 ,:5 ONE IS DEAL+ ) A WORLD UNFAMILI> ) MONEY & M>KETS1 EV5 ON ?OSE R>E OCCASIONS :5 /RANG]S DID MEET EXPLICITLY 9 ORD] TO EX*ANGE GOODS1 !Y >E R>ELY ?9K+ EXCLUSIVELY AB\T ! VALUE ( ! GOODS4 ,?IS NOT ONLY DEMON/RATES ?AT ! ,HOMO ,OECONOMICUS :I* LIES AT ! BASIS ( ALL ! !OREMS & EQUATIONS ?AT PURPORTS TO R5D] ECONOMICS A SCI5CE1 IS NOT ONLY AN ALMO/ IMPOSSIBLY BOR+ P]SON--BASICALLY1 A MONOMANIACAL SOCIOPA? :O CAN W&] ?R\< AN ORGY ?9K+ ONLY AB\T M>G9AL RATES ( RETURN--BUT ?AT :AT ECONOMI/S >E BASICALLY DO+ 9 TELL+ ! MY? ( B>T]1 IS TAK+ A K9D ( BEHAVIOR ?AT IS ONLY REALLY POSSIBLE AFT] ! 9V5TION ( MONEY & M>KETS & !N PROJECT+ IT BACKW>DS AS ! PURPORT$ REASON = ! 9V5TION ( MONEY & M>KETS !MSELVES4 ,LOGICALLY1 ?IS MAKES AB\T AS MU* S5SE AS SAY+ ?AT ! GAME ( *ESS WAS 9V5T$ TO ALL[ PEOPLE TO FULFILL A PREEXI/+ DESIRE TO *ECKMATE !IR OPPON5T'S K+4 

,AT ?IS PO9T1 IT'S EASI] TO UND]/& :Y ECONOMI/S FEEL SO DEF5SIVE AB\T *ALL5GES TO ! ,MY? ( ,B>T]1 & :Y !Y KEEP TELL+ ! SAME OLD /ORY EV5 ?\< MO/ ( !M KN[ IT ISN'T TRUE4 ,IF :AT !Y >E REALLY DESCRIB+ IS NOT H[ WE 'NATURALLY' BEHAVE BUT RA!R H[ WE >E TAU<T TO BEHAVE BY ! M>KET--WELL :O1 N[ADAYS1 IS DO+ MO/ ( ! ACTUAL TEA*+8 ,PRIM>ILY1 ECONOMI/S4 ,! QUE/ION ( B>T] CUTS TO ! HE>T ( NOT ONLY :AT AN ECONOMY IS--MO/ ECONOMI/S /ILL 9SI/ ?AT AN ECONOMY IS ESS5TIALLY A VA/ B>T] SY/EM1 ) MONEY A M]E TOOL 7A POSITION ALL ! MORE PECULI> N[ ?AT ! MAJORITY ( ECONOMIC TRANSACTIONS 9 ! WORLD HAVE COME TO CONSI/ ( PLAY+ >\ND ) MONEY 9 ONE =M OR ANO!R7 .<#a.>--BUT ALSO1 ! V]Y /ATUS ( ECONOMICS3 IS IT A SCI5CE ?AT DESCRIBES ( H[ HUMANS ACTUALLY BEHAVE1 OR PRESCRIPTIVE1 A WAY ( 9=M+ !M H[ !Y %\LD8 7,REMEMB]1 SCI5CES G5]ATE HYPO!SIS AB\T ! WORLD ?AT CAN BE TE/$ AGA9/ ! EVID5CE & *ANG$ OR AB&ON$ IF !Y DON'T PROVE TO PR$ICT :AT'S EMPIRICALLY !RE47 

,OR IS ECONOMICS 9/EAD A TE*NIQUE ( OP]AT+ )9 A WORLD ?AT ECONOMI/S !MSELVES HAVE L>GELY CREAT$8 ,OR IS IT1 AS IT APPE>S = SO MANY ( ! ,AU/RIANS1 A K9D ( FAI?1 A REVEAL$ ,TRU? EMBODI$ 9 ! WORDS ( GREAT PROPHETS 7SU* AS ,VON ,MISES7 :O MU/1 BY DEF9ITION BE CORRECT1 & :OSE !ORIES MU/ BE DEF5D$ :ATEV] EMPIRICAL REALITY ?R[S AT !M--EV5 TO ! EXT5T ( G5]AT+ IMAG9>Y UNKN[N P]IODS ( HI/ORY :]E SOME?+ LIKE :AT WAS ORIG9ALLY DESCRIB$ 'MU/ HAVE' TAK5 PLACE8 

.<#a.> ,JEVONS1 ,W4 ,/ANLEY1 ,MONEY & ! ,ME*ANISM ( ,EX*ANGE4 ,NEW ,YORK3 ,APPLETON & ,COMPANY1 #a#h#h#e1 & ,M5G]1 ,C>L1 0,ON ! ORIG9S ( MONEY40 ,ECONOMIC ,J\RNAL #ahib V4#b NO #f1 PP4 #b#c#i-#e#e 

.<#b.> ,HUMPHREY1 ,C>OL9E1 0,B>T] & ,ECONOMIC ,DIS9TEGRATION40 ,MAN #aihe V4#b3 #d#h4 ,O!R AN?ROPOLOGI/S HAVE GONE EV5 FUR!R1 = 9/ANCE ,ANNE ,*APMAN1 0,B>T] AS A ,UNIV]SAL ,MODE ( ,EX*ANGE40 ,L',HOMME #aih V#b#b 7#c73 #c#c-#h#c71 >GUES ?AT IF PURE B>T] IS TO BE DEF9$ AS ONLY AB\T ! ?+S1 & NOT AB\T ! PEOPLE1 IT'S NOT CLE> ?AT IT HAS EV] EXI/$--AS ! CASES CIT$ AT ! 5D ( ?IS ESSAY 9DE$ ILLU/RATE4 

.<#c.> ,GREGORY1 ,*RIS1 ,GIFTS & ,COMMODITIES4 ,NEW ,YORK3 ,ACADEMIC ,PRESS 7#a#i#h#b73 PP4 #d#h-#d#i4 ,ON GIFT ECONOMIES1 ! CLASSIC TEXT IS ,MAUSS1 ,M>CEL1 ,ESSAI SUR LE DON4 ,=ME ET RAISON DE L'E*ANGE DANS LES SOCIETES >*AIQUES40 ,ANNEE SOCIOLOGIQUE1 #aibd NO4 #a 7S]IES #b73#c-#a#h#f4 ,ON SPH]ES ON EX*ANGE 9 G5]AL SEE ,BOHANNAN1 ,PAUL 0,SOME ,PR9CIPLES ( ,EX*ANGE & ,9VE/M5T AMONG ! ,TIV10 ,AM]ICAN ,AN?ROPOLOGI/ #aiee V#e#g3#f-#f#g2 ,B>?1 ,FR$]ICK1 0,ECONOMIC ,SPH]ES 9 ,D>FUR40 ,!MES 9 ,ECONOMIC ,AN?ROPOLOGY1 ,A,S,A ,MONOGRAPHS 7,LONDON1 ,TAVI/OCK7 #aifi NO4 #f1 PP4 #a#d#i-#a#g#d2 CF ,MUNN1 ,NANCY1 ,! ,FAME ( ,GAWA3 ,A ,SYMBOLIC ,/UDY ( ,VALUE ,TRANS=MATION 9 A ,MASSIM 7,PAPUA ,NEW ,GU9EA7 ,SOCIETY1 #a#i#h#f1 ,CAMBRIDGE1 ,CAMBRIDGE ,UNIV]SITY ,PRESS1 & ,AK91 ,DAVID & ,JOEL ,ROBB9S1 0,AN ,9TRODUCTION TO ,MELANESIAN ,CURR5CIES3 ,AG5CIES1 ,ID5TITY1 & ,SOCIAL ,REPRODUCTION0 9 ,MONEY & ,MOD]NITY3 ,/ATE & ,LOCAL ,CURR5CIES 9 ,MELANESIA 7,DAVID ,AK9 & ,JOEL ,ROBB9S1 $ITOR71 PP4 #a-#d4 ,PITTSBUR<3 ,UNIV]SITY ( ,PITTSBUR< ,PRESS4 

.<#d.> ,S]VET1 ,JEAN-,MI*EL1 #aiid 0,LA FABLE DU TROC10 NUM]O SPECIAL DE LA REVUE ,X,V,I,I,IE SIECLE1 ,ECONOMIE ET POLITIQUE1 N8#b#f3 #a#c-#a#a#e 

.<#e.> ,! CLASSIC WORK ON ! ECONOMICS ( ,P,[ CAMPS1 :5CE ?IS >GUM5T D]IVES1 IS ,RAD=D1 ,R4 ,A41 0,! ,ECONOMIC ,ORGANIZATION ( A ,P,[ ,CAMP40 ,ECONOMICA #aide V4#a#b 7#d#h73 #a#h#i-#b#a4 ,!RE IS AN EXCELL5T CRITIQUE ( ! ASSUMPTIONS UND]LY+ IT 9 ,+HAM1 ,GE(FREY1 0,FUR!R ,REFLECTIONS ON ! ,ONTOLOGY ( ,MONEY10 ,ECONOMY & ,SOCIETY #bf V #cf 7#b73 #b#f#d-#f#e1 :I* NOTES AMONG O!R ?+S ! OBVI\S PO9T ?AT ! 5TIRE CAMP 5VIRONM5T WAS CREAT$ & MA9TA9$ BY A BUREAUCRATIC ORGANIZATION ?AT SUPPLI$ ALL ACTUAL NECESSITIES--FOOD1 %ELT]1 ETC--?R\< ADM9I/RATIVE DI/RIBUTION4 

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