Converging Menger's and Searle's Money Tale

Introduction This paper aims to carefully examine whether collective factors are necessary to explain the emergence or survival of funds. Selection of Menger (1892) and Searle (1995) for discussion is considered to defend the opposite position, so there are some exemplary values. As we see, Searle considers the existence of collective intentions to be a prerequisite necessary for the occurrence of institutions like money, while Menger believes his explanation as the only pursuit of agent self-interest It is based on.

Menger details his theory in the 1892 journal article "The Origin of Money". Menger started with a barter system to explain the economic forces that brought the emergence of commonly accepted exchange media. The answer lies in the concept of edible - the characteristics of the product make it more marketable than other items. In order to sell, the media needs three things: homogeneity, separability, and low storage costs. Homogeneity means that the unit of merchandise is almost the same as any other unit, whatever it is. Separability means that products can be divided into smaller parts without compromising the resale value of the goods. Low storage cost is self explanatory

In the theory of metallurgical economy, the value of money comes from the market value of the goods on which it depends rather than the role of that currency. Carl Menger inferred the theory of funds as an exchange tool to reduce the cost of barter trading when buyers and sellers in the market reached an agreement on common items. "Well, except for one problem, gold has no intrinsic value: it is good for gems, but it is not an essential value because it is another society resembling diamonds for non-industrial uses Structure Because silver is not a standard behind money for a while, I am here to focus on gold, but the same goes for that purpose, for more than that purpose We can use rich and useful metal

Kalmenger (February 23, 1840 - February 26, 1921) was an Austrian economist and was known as the founder of the Austrian economic school. Menger contributed to the development of marginal utility theory and classical economists such as marginal utility theory and Adam Smith and David Ricardo studied the theory of production cost value. We assume that all available high end products are used in the most economical way and concrete quantities of high end products are equal to the difference in the degree of importance of satisfaction obtained when executing the command. We would like to determine the amount of luxury good worth it and the satisfaction we will get if we did not get this amount according to our instructions.