This paper surveys alternative approaches to the emergence and evolution of institutions. The challenge is to develop frameworks capable of capturing both stability and change. We follow a “descaling” approach to show how founding assumptions about economics—namely, alternative assumptions...

In the first section of this paper, the author demonstrates the crucial significance of anchoring symbolically a currency in the representation of a social whole, not least when practical and technical problems bound up with the creation of a new unit of account and the associated means of...