Recent episodes of de-monetization show that private credit can be a substitute for money. This paper studies the conditions of money circulation when non-circulating private debts (IOUs) can be a substitute for money. I first present a simple model of inside money where money circulates if and...

This paper presents a theoretical and empirical study of the differentiation of labor. It is based on the relation between the division of labor existing within firms and the differentiation of the firms themselves, according to the tasks performed by their workers. The internal division of...