evolution of designed institutions : a critical assessment / Christian Schubert -- 5. Hayek on entrepreneurship : competition …, market process and cultural evolution / Alexander Ebner -- 6. Hayek's "Free Money Movement" and the evolution of monetary … order in historical perspective / Martin T. Bohl and Jens Hölscher -- 7. Money and reciprocity in the extended order …

This paper discusses the evolution of money and the monetary system. The origins of money debate is framed in terms of … functionalism versus chartalism. Endogenous Schumpeterian dynamics apply to the evolution of money and monetary systems, and those … relabeled "Gresham's fallacy" because good money drives out bad. The Gresham dynamic is also supportive of the functionalist …