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What Is Money? An Alternative To Searle'S Institutional Facts

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  • Smit, J. P.
  • Buekens, Filip
  • du Plessis, Stan

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.

Suggested Citation

  • Smit, J. P. & Buekens, Filip & du Plessis, Stan, 2011. "What Is Money? An Alternative To Searle'S Institutional Facts," Economics and Philosophy, Cambridge University Press, vol. 27(1), pages 1-22, March.
    • Handle: RePEc:cup:ecnphi:v:27:y:2011:i:01:p:1-22_00
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    Cited by:

    1. Cyril Hédoin, 2016. "Community-Based Reasoning in Games: Salience, Rule-Following, and Counterfactuals," Games, MDPI, vol. 7(4), pages 1-17, November.
    2. Jamie Morgan, 2023. "Systemic stablecoin and the brave new world of digital money," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 47(1), pages 215-260.
    3. Herrmann-Pillath Carsten, 2014. "Naturalizing Institutions: Evolutionary Principles and Application on the Case of Money," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 234(2-3), pages 388-421, April.
    4. Frasser, Cristian & Guzmán, Gabriel, 2020. "What do we call money? An appraisal of the money or non-money view," Journal of Institutional Economics, Cambridge University Press, vol. 16(1), pages 25-40, February.
    5. Carsten Herrmann-Pillath, 2017. "Institutional naturalism: reflections on Masahiko Aoki’s contribution to institutional economics," Evolutionary and Institutional Economics Review, Springer, vol. 14(2), pages 501-522, December.
    6. Frolov, Daniil, 2019. "From transaction costs to transaction value: Overcoming the Coase-Williamson paradigm," MPRA Paper 95959, University Library of Munich, Germany.
    7. Georgios Papadopoulos, 2014. "Review of Ole Bjerg, Making Money: The Philosophy of Crisis Capitalism, London: Verso, 2014, 256 pp., pb, £19.99, ISBN 9781781682654," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 7(2), May.
    8. Guzmán, Gabriel & Frasser, Cristian, 2017. "La naturaleza de las instituciones. El debate actual [The nature of institutions. The current debate]," MPRA Paper 117861, University Library of Munich, Germany, revised 01 Jun 2017.
    9. Cyril Hédoin & Lauren Larrouy, 2016. "Game Theory, Institutions and the Schelling-Bacharach Principle: Toward an Empirical Social Ontology," GREDEG Working Papers 2016-21, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    10. Guzmán, Gabriel & Frasser, Cristian, 2017. "Rules, Incentivization and the Ontology of Human Society," MPRA Paper 117908, University Library of Munich, Germany.
    11. Frasser, Cristian & Guzmán, Gabriel, 2024. "The Plurality of Economic Classifications: Toward a New Strategy for Their Investigation," MPRA Paper 121166, University Library of Munich, Germany.

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