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Money Creation: The Role of Trust for Public Happiness and Sustainable Growth

Author

Listed:
  • Nicola Genovese

    (Università di Messina)

  • Maria Grazia La Spada

    (Università di Messina)

Abstract

The principal topic of this article is the creation of money in primitive populations at the beginning of economic activity. This phenomenon was determined thanks to a particular social environment where interpersonal trust together with reciprocity and moral principles were prevalent. No other explanation obtained by historical studies and neoclassical equilibrium models is sufficient. Principally because they are based on the rationality of self interested individuals. Our analysis can be considered as a historical and theoretical example, which testifies to the necessity to create a social environment based on the above mentioned values for obtaining public happiness and sustainable development.

Suggested Citation

  • Nicola Genovese & Maria Grazia La Spada, 2014. "Money Creation: The Role of Trust for Public Happiness and Sustainable Growth," Review of Environment, Energy and Economics - Re3, Fondazione Eni Enrico Mattei, February.
    • Handle: RePEc:fem:femre3:2014.02-02
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    More about this item

    Keywords

    Sustainable Development; Public Happiness; Origin of Money; Behavioral Economics; Exchanges Between Primitive Populations;
    All these keywords.

    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General

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