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| Author: | Smit, J.P. Buekens, F. Plessis, S. du |
| Title: | What is money? An alternative to Searle's institutional facts |
| Journal: | Economics and philosophy
2011 : MAR, VOL. 27:1, p.1-22 |
| Index terms: | literature money property theories |
| Freeterms: | institutional facts institutional objects |
| Language: | eng |
| Abstract: | In "The Construction of Social Reality" (1995), J. Searle develops a theory of institutional facts and objects, of which money, borders and property are presented as prime examples. This paper proposes a radically different approach that is more compatible with standard economic theory. It is claimed that such institutional objects can be fully understood in terms of actions and incentives. Thus, the Searlean apparatus solves a non-existent problem. |
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