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[This message was originally posted on Eh.Res. -- RBE]
I would like to second Marilyn's post. Here is an example of the lack of
monetization in the early U.S.
Soltow, Lee. 1987. "The Distribution of Income in the United States in
1798: Estimates Based on the Federal Housing Inventory." Review of
Economics and Statistics, 49: 1 (February): pp. 181-85.
182: A congressman from Kentucky claimed that there was less than
$10,000 in coinage in the entire state in 1798.
I think that we all agree that markets go back to ancient times. It seems
that much the disagreement seems to be about the degree to which markets
penetrated society. In addition, Tony and Larry seem to hold that
individualist motives made markets "natural," where some of us put more
weight on the elements of society that distrusted markets and took
measures to keep them in check.
I also sense a general agreement that market and non-market rules cohabit
with difficulty.
Michael Perelman
Economics Department
California State University
E-Mail [log in to unmask]
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