Skip to main content Accessibility help
×
Home
Hostname: page-component-59b7f5684b-frvt8 Total loading time: 0.395 Render date: 2022-09-27T03:50:47.466Z Has data issue: true Feature Flags: { "shouldUseShareProductTool": true, "shouldUseHypothesis": true, "isUnsiloEnabled": true, "useRatesEcommerce": false, "displayNetworkTab": true, "displayNetworkMapGraph": false, "useSa": true } hasContentIssue true

WHAT IS MONEY? AN ALTERNATIVE TO SEARLE'S INSTITUTIONAL FACTS

Published online by Cambridge University Press:  18 January 2011

J. P. Smit
Affiliation:
University of Stellenbosch
Filip Buekens
Affiliation:
Universities of Leuven and Tilburg
Stan du Plessis
Affiliation:
University of Stellenbosch

Abstract

In The Construction of Social Reality (1995), John Searle develops a theory of institutional facts and objects, of which money, borders and property are presented as prime examples. These objects are the result of us collectively intending certain natural objects to have a certain status, i.e. to ‘count as’ being certain social objects. This view renders such objects irreducible to natural objects. In this paper we propose a radically different approach that is more compatible with standard economic theory. We claim that such institutional objects can be fully understood in terms of actions and incentives, and hence the Searlean apparatus solves a non-existent problem.

Type
Research Article
Copyright
Copyright © Cambridge University Press 2011

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Anscombe, G. 1958. On brute facts. Analysis 18: 6972.CrossRefGoogle Scholar
Alchian, A. 1977. Why money? Journal of Money, Credit and Banking, 9: 133140.CrossRefGoogle Scholar
Catan, T. 2002. Argentines snowed under by paper IOU's. Pesos or Pacificos? A dizzying array of currencies now fill up the tills. Financial Times 11 April 2002: 4.Google Scholar
Castronova, E. 2005. Synthetic Worlds: The Business and Culture of Online Games. Chicago: University of Chicago Press.Google Scholar
Brunner, K. and Meltzer, A. 1971. The uses of money: money in the theory of an exchange economy. American Economic Review 61: 784804.Google Scholar
Ferguson, N. 2009. The Ascent of Money: A Financial History of the World. London: Penguin Books.Google Scholar
Friedman, M. 1992. Money Mischief. Episodes in Monetary History. New York: Harcourt Brace & Company.Google Scholar
Greenfield, R and Rockoff, H. 1996. Yellowbacks out west and Greenbacks back east: social-choice dimensions of monetary reform. Southern Economic Journal 62: 902915.CrossRefGoogle Scholar
Kasper, W. and Streit, M. 1998. Institutional Economics: Social Order and Public Policy. Cheltenham: Edward Elgar.Google Scholar
Kiyotaki, N. and Moore, J. 2002. Evil is the root of all money. American Economic Review 92: 6266.CrossRefGoogle Scholar
Kocherlakota, N. 1998. Money is memory. Journal of Economic Theory 81: 232251.CrossRefGoogle Scholar
Kurlansky, M. 1997. Cod. A Biography of the Fish that changed the World. New York: Penguin.Google Scholar
Lagerspetz, E. 2006. Institutional facts, performativity and false beliefs. Cognitive Systems Research 7: 298306.CrossRefGoogle Scholar
Menger, K. 1892. On the origin of money. Economic Journal 2: 239255.CrossRefGoogle Scholar
Polo, M. 1930. The Travels of Marco Polo (The Venetian). New York: Liveright Publishing Corp.Google Scholar
Radford, R. 1945. The economic organisation of a P.O.W. camp. Economica 12: 189201.CrossRefGoogle Scholar
Scheck, J. 2008. Mackerel economics in prison leads to appreciation for oily fillets. Wall Street Journal. New York, 2 October 2008.Google Scholar
Schelling, T. 1978. Micromotives and Macrobehavior. New York: W.W. Norton & Company.Google Scholar
Searle, J. 1995. The Construction of Social Reality. London: Penguin Books.Google Scholar
Searle, J. 1998. Mind, Language and Society: Philosophy in the Real World. New York: Basic Books.Google Scholar
Searle, J. 2010. Making the Social World: The Structure of Human Civilisation. Oxford: Oxford University Press.CrossRefGoogle Scholar
Smith, B. and Searle, J.. 2003. The construction of social reality: an exchange. American Journal of Economics and Sociology 62: 285309.CrossRefGoogle Scholar
Smith, B., Mark, D. and Ehrlich, I. (eds.) (2008). The Mystery of Capitalism and the Construction of Social Reality. Chicago: Open Court.Google Scholar
Tuomela, R. and Miller, K.. 1998. We-intentions. Philosophical Studies 53: 367389.CrossRefGoogle Scholar
World Bank 2002. World Development Report 2002. Building Institutions for Markets. Oxford: Oxford University Press.Google Scholar
39
Cited by

Linked content

Please note a has been issued for this article.

Save article to Kindle

To save this article to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

WHAT IS MONEY? AN ALTERNATIVE TO SEARLE'S INSTITUTIONAL FACTS
Available formats
×

Save article to Dropbox

To save this article to your Dropbox account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you used this feature, you will be asked to authorise Cambridge Core to connect with your Dropbox account. Find out more about saving content to Dropbox.

WHAT IS MONEY? AN ALTERNATIVE TO SEARLE'S INSTITUTIONAL FACTS
Available formats
×

Save article to Google Drive

To save this article to your Google Drive account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you used this feature, you will be asked to authorise Cambridge Core to connect with your Google Drive account. Find out more about saving content to Google Drive.

WHAT IS MONEY? AN ALTERNATIVE TO SEARLE'S INSTITUTIONAL FACTS
Available formats
×
×

Reply to: Submit a response

Please enter your response.

Your details

Please enter a valid email address.

Conflicting interests

Do you have any conflicting interests? *