{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,14]],"date-time":"2026-03-14T23:54:21Z","timestamp":1773532461834,"version":"3.50.1"},"reference-count":112,"publisher":"Springer Science and Business Media LLC","issue":"1","license":[{"start":{"date-parts":[[2026,3,15]],"date-time":"2026-03-15T00:00:00Z","timestamp":1773532800000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"},{"start":{"date-parts":[[2026,3,15]],"date-time":"2026-03-15T00:00:00Z","timestamp":1773532800000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"}],"funder":[{"DOI":"10.13039\/501100001871","name":"Funda\u00e7\u00e3o para a Ci\u00eancia e a Tecnologia","doi-asserted-by":"publisher","award":["UIBD\/151563\/2021, UIDB\/04521\/2020"],"award-info":[{"award-number":["UIBD\/151563\/2021, UIDB\/04521\/2020"]}],"id":[{"id":"10.13039\/501100001871","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001871","name":"Funda\u00e7\u00e3o para a Ci\u00eancia e a Tecnologia","doi-asserted-by":"publisher","award":["UID\/06522\/2023"],"award-info":[{"award-number":["UID\/06522\/2023"]}],"id":[{"id":"10.13039\/501100001871","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100005765","name":"Universidade de Lisboa","doi-asserted-by":"crossref","id":[{"id":"10.13039\/501100005765","id-type":"DOI","asserted-by":"crossref"}]}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Rev Evol Polit Econ"],"published-print":{"date-parts":[[2026,12]]},"abstract":"<jats:title>Abstract<\/jats:title>\n                  <jats:p>The institution of money can be seen as a foundational social mechanism providing communities with the ability to quantify the results of economic processes and collectively regulate independent activities of production and exchange\u2014money can be said, indeed, to constitute the micro\u2013macro link in economics. As such, investigations of money\u2019s role in the economy can be fruitfully combined with the tools of social simulation. This paper revisits some of the main positions taken in the contested landscape of fundamental monetary theory, evaluating how they might support the development of new agent-based modeling frameworks dedicated to elucidating key aspects of the role played by money in the economy. We begin by presenting a comparative review of the way different intellectual traditions in mainstream economics, heterodox economics, and economic sociology attempt to specify \u201cthe nature of money\u201d as an institution. We then review the current literature applying agent-based modeling to the question of the \u201cemergence of money,\u201d assessing some of the main contributions from the perspectives of generative epistemology and of the key concepts emphasized by the different intellectual traditions examined before. We conclude by indicating research directions in which we believe agent-based models, in combination with the sociology of money, still have the potential to provide new answers to old questions in monetary theory.<\/jats:p>","DOI":"10.1007\/s43253-026-00165-9","type":"journal-article","created":{"date-parts":[[2026,3,14]],"date-time":"2026-03-14T23:42:34Z","timestamp":1773531754000},"update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Agent-based modeling and the sociology of money: some suggestions for refining monetary theory using social simulation"],"prefix":"10.1007","volume":"7","author":[{"given":"Eduardo C.","family":"Ferraciolli","sequence":"first","affiliation":[]},{"given":"Tanya","family":"Ara\u00fajo","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2026,3,15]]},"reference":[{"issue":"2227","key":"165_CR1","doi-asserted-by":"publisher","DOI":"10.1098\/rsta.2020.0411","volume":"380","author":"G Andrighetto","year":"2022","unstructured":"Andrighetto G, Vriens E (2022) A research agenda for the study of social norm change. Philos Trans R Soc Lond A Math Phys Eng Sci 380(2227):20200411. https:\/\/doi.org\/10.1098\/rsta.2020.0411","journal-title":"Philos Trans R Soc Lond A Math Phys Eng Sci"},{"issue":"2","key":"165_CR2","doi-asserted-by":"publisher","first-page":"241","DOI":"10.1016\/j.jmoneco.2003.01.005","volume":"51","author":"L Araujo","year":"2004","unstructured":"Araujo L (2004) Social norms and money. J Monet Econ 51(2):241\u2013256. https:\/\/doi.org\/10.1016\/j.jmoneco.2003.01.005","journal-title":"J Monet Econ"},{"key":"165_CR3","doi-asserted-by":"publisher","first-page":"38","DOI":"10.1016\/j.jmoneco.2014.01.009","volume":"64","author":"L Araujo","year":"2014","unstructured":"Araujo L, Guimaraes B (2014) Coordination in the use of money. J Monet Econ 64:38\u201346. https:\/\/doi.org\/10.1016\/j.jmoneco.2014.01.009","journal-title":"J Monet Econ"},{"issue":"2","key":"165_CR4","doi-asserted-by":"publisher","first-page":"136","DOI":"10.1038\/s42254-020-00273-3","volume":"3","author":"WB Arthur","year":"2021","unstructured":"Arthur WB (2021) Foundations of complexity economics. Nat Rev Phys 3(2):136\u2013145. https:\/\/doi.org\/10.1038\/s42254-020-00273-3","journal-title":"Nat Rev Phys"},{"key":"165_CR5","unstructured":"Aydinonat NE (2011) Explaining the origin of money: interdisciplinary perspectives. In: New approaches to monetary theory, Routledge, pp. 46\u201366"},{"issue":"1","key":"165_CR6","doi-asserted-by":"publisher","first-page":"3","DOI":"10.1007\/s10614-019-09887-x","volume":"58","author":"Z Babutsidze","year":"2021","unstructured":"Babutsidze Z, Iacopetta M (2021) The emergence of money: computational approaches with fully and boundedly rational agents. Comput Econ 58(1):3\u201326. https:\/\/doi.org\/10.1007\/s10614-019-09887-x","journal-title":"Comput Econ"},{"issue":"3","key":"165_CR7","doi-asserted-by":"publisher","first-page":"2528","DOI":"10.1103\/PhysRevE.60.2528","volume":"60","author":"P Bak","year":"1999","unstructured":"Bak P, N\u00f8rrelykke SF, Shubik M (1999) Dynamics of money. Phys Rev E 60(3):2528\u20132532. https:\/\/doi.org\/10.1103\/PhysRevE.60.2528","journal-title":"Phys Rev E"},{"issue":"9\u201310","key":"165_CR8","doi-asserted-by":"publisher","first-page":"1569","DOI":"10.1016\/S0165-1889(98)00084-0","volume":"23","author":"E Ba\u015f\u00e7\u0131","year":"1999","unstructured":"Ba\u015f\u00e7\u0131 E (1999) Learning by imitation. J Econ Dyn Control 23(9\u201310):1569\u20131585. https:\/\/doi.org\/10.1016\/S0165-1889(98)00084-0","journal-title":"J Econ Dyn Control"},{"issue":"3","key":"165_CR9","doi-asserted-by":"publisher","first-page":"245","DOI":"10.1007\/s11186-008-9082-0","volume":"38","author":"J Beckert","year":"2009","unstructured":"Beckert J (2009) The social order of markets. Theory Soc 38(3):245\u2013269. https:\/\/doi.org\/10.1007\/s11186-008-9082-0","journal-title":"Theory Soc"},{"issue":"2","key":"165_CR10","doi-asserted-by":"publisher","first-page":"149","DOI":"10.1093\/cje\/25.2.149","volume":"25","author":"S Bell","year":"2001","unstructured":"Bell S (2001) The role of the state and the hierarchy of money. Camb J Econ 25(2):149\u2013163. https:\/\/doi.org\/10.1093\/cje\/25.2.149","journal-title":"Camb J Econ"},{"key":"165_CR11","doi-asserted-by":"publisher","first-page":"99","DOI":"10.1016\/j.jmoneco.2019.01.002","volume":"110","author":"M Bigoni","year":"2020","unstructured":"Bigoni M, Camera G, Casari M (2020) Money is more than memory. J Monet Econ 110:99\u2013115. https:\/\/doi.org\/10.1016\/j.jmoneco.2019.01.002","journal-title":"J Monet Econ"},{"issue":"1","key":"165_CR12","doi-asserted-by":"publisher","first-page":"239","DOI":"10.1093\/cje\/bew024","volume":"41","author":"J Blanc","year":"2017","unstructured":"Blanc J (2017) Unpacking monetary complementarity and competition: a conceptual framework. Camb J Econ 41(1):239\u2013257. https:\/\/doi.org\/10.1093\/cje\/bew024","journal-title":"Camb J Econ"},{"key":"165_CR13","doi-asserted-by":"publisher","first-page":"51","DOI":"10.1016\/j.jmoneco.2014.01.001","volume":"63","author":"G Camera","year":"2014","unstructured":"Camera G, Gioffr\u00e9 A (2014) Game-theoretic foundations of monetary equilibrium. J Monet Econ 63:51\u201363. https:\/\/doi.org\/10.1016\/j.jmoneco.2014.01.001","journal-title":"J Monet Econ"},{"key":"165_CR14","doi-asserted-by":"publisher","unstructured":"Cartelier J (2018) Money, Markets and Capital: The Case for a Monetary Analysis (1st ed.). Routledge. https:\/\/doi.org\/10.4324\/9781351129244","DOI":"10.4324\/9781351129244"},{"issue":"4","key":"165_CR15","doi-asserted-by":"publisher","first-page":"864","DOI":"10.1086\/426412","volume":"110","author":"L Cederman","year":"2005","unstructured":"Cederman L (2005) Computational models of social forms: advancing generative process theory. Am J Sociol 110(4):864\u2013893. https:\/\/doi.org\/10.1086\/426412","journal-title":"Am J Sociol"},{"issue":"1","key":"165_CR16","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1007\/s43253-020-00011-6","volume":"1","author":"S Cincotti","year":"2020","unstructured":"Cincotti S, Elsner W, Lazaric N, Nesvetailova A, Stockhammer E (2020) Towards an evolutionary political economy. Editorial to the inaugural issue of the Review of Evolutionary Political Economy REPE. Rev Evol Polit Econ 1(1):1\u201312","journal-title":"Rev Evol Polit Econ"},{"issue":"1","key":"165_CR17","doi-asserted-by":"publisher","first-page":"5","DOI":"10.1007\/s43253-022-00071-w","volume":"3","author":"S Cincotti","year":"2022","unstructured":"Cincotti S, Raberto M, Teglio A (2022) Why do we need agent-based macroeconomics? Rev Evol Polit Econ 3(1):5\u201329","journal-title":"Rev Evol Polit Econ"},{"key":"165_CR18","unstructured":"Clower R, Leijonhufvud A (1975) The coordination of economic activities: a Keynesian perspective. Am Econ Rev 65(2):182\u2013188. https:\/\/www.jstor.org\/stable\/1818850. Accessed 23 Jan 2026"},{"issue":"4","key":"165_CR19","doi-asserted-by":"publisher","first-page":"557","DOI":"10.2307\/2798579","volume":"3","author":"H Codere","year":"1968","unstructured":"Codere H (1968) Money-exchange systems and a theory of money. Man 3(4):557\u2013577. https:\/\/doi.org\/10.2307\/2798579","journal-title":"Man"},{"issue":"3","key":"165_CR20","doi-asserted-by":"publisher","first-page":"497","DOI":"10.1007\/s43253-022-00091-6","volume":"4","author":"JP Dapprich","year":"2023","unstructured":"Dapprich JP (2023) Tokens make the world go round: socialist tokens as an alternative to money. Rev Evol Polit Econ 4(3):497\u2013513","journal-title":"Rev Evol Polit Econ"},{"key":"165_CR21","doi-asserted-by":"crossref","unstructured":"Dawid H (2001) On the emergence of exchange and mediation in a production economy. J Econ Behav Organ 41(1):27\u201353","DOI":"10.1016\/S0167-2681(99)00086-4"},{"issue":"3","key":"165_CR22","doi-asserted-by":"publisher","first-page":"35","DOI":"10.1177\/0263276417746464","volume":"35","author":"N Dodd","year":"2018","unstructured":"Dodd N (2018) The social life of Bitcoin. Theory Cult Soc 35(3):35\u201356. https:\/\/doi.org\/10.1177\/0263276417746464","journal-title":"Theory Cult Soc"},{"issue":"5","key":"165_CR23","doi-asserted-by":"publisher","first-page":"1537","DOI":"10.3982\/ECTA11963","volume":"85","author":"M Doepke","year":"2017","unstructured":"Doepke M, Schneider M (2017) Money as a unit of account. Econometrica 85(5):1537\u20131574. https:\/\/doi.org\/10.3982\/ECTA11963","journal-title":"Econometrica"},{"issue":"3","key":"165_CR24","doi-asserted-by":"publisher","first-page":"263","DOI":"10.1007\/s00191-004-0193-0","volume":"14","author":"K Dopfer","year":"2004","unstructured":"Dopfer K, Foster J, Potts J (2004) Micro\u2013meso\u2013macro. J Evol Econ 14(3):263\u2013279. https:\/\/doi.org\/10.1007\/s00191-004-0193-0","journal-title":"J Evol Econ"},{"key":"165_CR25","doi-asserted-by":"publisher","unstructured":"Dosi G, Marengo L, Bassanini A, Valente M (2002) Norms as emergent properties of adaptive learning: the case of economic routines. In: Cantner U, Hanusch H, Klepper S (eds) Economic evolution, learning, and complexity. Physica-Verlag HD, pp 11\u201332. https:\/\/doi.org\/10.1007\/978-3-642-57646-1_2","DOI":"10.1007\/978-3-642-57646-1_2"},{"issue":"1","key":"165_CR26","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1007\/s00191-019-00609-y","volume":"29","author":"G Dosi","year":"2019","unstructured":"Dosi G, Roventini A (2019) More is different... and complex! the case for agent-based macroeconomics. J Evol Econ 29(1):1\u201337","journal-title":"J Evol Econ"},{"issue":"6","key":"165_CR27","doi-asserted-by":"publisher","first-page":"1735","DOI":"10.1257\/aer.104.6.1735","volume":"104","author":"J Duffy","year":"2014","unstructured":"Duffy J, Puzzello D (2014) Gift exchange versus monetary exchange: theory and evidence. Am Econ Rev 104(6):1735\u20131776","journal-title":"Am Econ Rev"},{"key":"165_CR28","doi-asserted-by":"publisher","unstructured":"Edmonds B, Le Page C, Bithell M, Chattoe-Brown E, Grimm V, Meyer R, Monta\u00f1ola-Sales C, Ormerod P, Root H, Squazzoni F (2019) Different modelling purposes. J Artif Soc Soc Simul 22(3):6.\u00a0https:\/\/doi.org\/10.18564\/jasss.3993","DOI":"10.18564\/jasss.3993"},{"key":"165_CR29","doi-asserted-by":"publisher","unstructured":"Eich S (2022) The currency of politics: the political theory of money from Aristotle to Keynes. Princeton University Press, 2022. https:\/\/doi.org\/10.1515\/9780691235448","DOI":"10.1515\/9780691235448"},{"issue":"5","key":"165_CR30","doi-asserted-by":"publisher","first-page":"41","DOI":"10.1002\/(SICI)1099-0526(199905\/06)4:5","volume":"4","author":"JM Epstein","year":"1999","unstructured":"Epstein JM (1999) Agent-based computational models and generative social science. Complexity 4(5):41\u201360. https:\/\/doi.org\/10.1002\/(SICI)1099-0526(199905\/06)4:5","journal-title":"Complexity"},{"key":"165_CR31","doi-asserted-by":"publisher","unstructured":"Epstein JM (2012) Generative social science: studies in agent-based computational modeling. Princeton University Press. https:\/\/doi.org\/10.1515\/9781400842872","DOI":"10.1515\/9781400842872"},{"key":"165_CR32","doi-asserted-by":"crossref","unstructured":"Epstein JM (2023) Inverse generative social science: backward to the future. J Artif Soc Soc Simul 26(2):9","DOI":"10.18564\/jasss.5083"},{"key":"165_CR33","doi-asserted-by":"publisher","first-page":"313","DOI":"10.1146\/annurev.soc.24.1.313","volume":"24","author":"W Espeland","year":"2003","unstructured":"Espeland W, Stevens M (2003) Commensuration as social process. Annu Rev Sociol 24:313\u2013343. https:\/\/doi.org\/10.1146\/annurev.soc.24.1.313","journal-title":"Annu Rev Sociol"},{"key":"165_CR34","doi-asserted-by":"crossref","unstructured":"Ferraciolli EC, Renzini F, Araujo T, & Squazzoni F (2025) The Devil's Dung? Money as a mechanism of generalized reciprocity in human societies. arXiv preprint arXiv:2506.20691","DOI":"10.2139\/ssrn.5241191"},{"issue":"4","key":"165_CR35","doi-asserted-by":"publisher","first-page":"2","DOI":"10.18564\/jasss.3521","volume":"20","author":"A Flache","year":"2017","unstructured":"Flache A, M\u00e4s M, Feliciani T, Chattoe-Brown E, Deffuant G, Huet S, Lorenz J (2017) Models of Social influence: towards the next frontiers. J Artif Soc Soc Simul 20(4):2. https:\/\/doi.org\/10.18564\/jasss.3521","journal-title":"J Artif Soc Soc Simul"},{"issue":"3","key":"165_CR36","doi-asserted-by":"publisher","first-page":"297","DOI":"10.1007\/s43253-020-00012-5","volume":"1","author":"DK Foley","year":"2020","unstructured":"Foley DK (2020) Socialist alternatives to capitalism I: Marx to Hayek. Rev Evol Polit Econ 1(3):297\u2013311","journal-title":"Rev Evol Polit Econ"},{"issue":"3","key":"165_CR37","doi-asserted-by":"publisher","first-page":"313","DOI":"10.1007\/s43253-020-00013-4","volume":"1","author":"DK Foley","year":"2020","unstructured":"Foley DK (2020) Socialist alternatives to capitalism II: Vienna to Santa Fe. Rev Evol Polit Econ 1(3):313\u2013328","journal-title":"Rev Evol Polit Econ"},{"key":"165_CR38","volume-title":"Money, two philosophies: the conflict of trust and authority","author":"SH Frankel","year":"1977","unstructured":"Frankel SH (1977) Money, two philosophies: the conflict of trust and authority. B. Blackwell, Oxford"},{"key":"165_CR39","doi-asserted-by":"publisher","unstructured":"Frisby D (2013) Georg Simmel. Routledge. https:\/\/doi.org\/10.4324\/9780203520185","DOI":"10.4324\/9780203520185"},{"issue":"1","key":"165_CR40","doi-asserted-by":"publisher","first-page":"51","DOI":"10.1007\/s11138-016-0355-y","volume":"30","author":"SJ Gangotena","year":"2017","unstructured":"Gangotena SJ (2017) Dynamic coordinating non-equilibrium. Rev Austrian Econ 30(1):51\u201382. https:\/\/doi.org\/10.1007\/s11138-016-0355-y","journal-title":"Rev Austrian Econ"},{"key":"165_CR41","unstructured":"Gan\u00dfmann H (2013) Doing money: elementary monetary theory from a sociological standpoint. Routledge International Studies in Money and Banking. Routledge, London New York"},{"key":"165_CR42","doi-asserted-by":"crossref","unstructured":"Gerdes L, Aigner E, Meretz S, Pahl H, Schlemm A, Scholz-W\u00e4ckerle M, Sutterl\u00fctti S (2023) COMMONSIM: simulating the utopia of COMMONISM. Rev Evol Polit Econ 4(3):559\u2013595","DOI":"10.1007\/s43253-023-00110-0"},{"key":"165_CR43","unstructured":"Giansante S (2006) Social networks and medium of exchange. Working paper. Available online: https:\/\/d1wqtxts1xzle7.cloudfront.net\/78635708\/GiasanteEEA-libre.pdf?1642150575=&response-content-disposition=inline%3B+filename%3DSocial_networks_and_medium_of_exchange.pdf&Expires=1769117628. Accessed 22 Jan 2026"},{"key":"165_CR44","volume-title":"The consequences of modernity","author":"A Giddens","year":"1990","unstructured":"Giddens A (1990) The consequences of modernity. Polity Press, Cambridge"},{"key":"165_CR45","volume-title":"Nation-states and money: the past, present and future of national currencies","author":"E Gilbert","year":"2012","unstructured":"Gilbert E, Helleiner E (2012) Nation-states and money: the past, present and future of national currencies. Routledge, London"},{"key":"165_CR46","unstructured":"Gintis H (2010) The dynamics of generalized market exchange. Santa Fe Institute Working Paper. https:\/\/www.santafe.edu\/research\/results\/working-papers\/the-dynamics-of-generalized-market-ex-change. Accessed 23 Jan 2026"},{"key":"165_CR47","doi-asserted-by":"publisher","DOI":"10.1515\/9781400883165","volume-title":"Individuality and entanglement: the moral and material bases of social life","author":"H Gintis","year":"2017","unstructured":"Gintis H (2017) Individuality and entanglement: the moral and material bases of social life. Princeton University Press, Princeton"},{"key":"165_CR48","doi-asserted-by":"crossref","unstructured":"G\u00f3mez GM (2018) The monetary system as an evolutionary construct. In: Monetary Plurality in Local, Regional and Global Economies (pp. 1-17). Routledge.","DOI":"10.4324\/9781315272238-1"},{"issue":"3","key":"165_CR49","doi-asserted-by":"publisher","first-page":"407","DOI":"10.1016\/S0176-2680(98)00015-9","volume":"14","author":"CAE Goodhart","year":"1998","unstructured":"Goodhart CAE (1998) The two concepts of money: implications for the analysis of optimal currency areas. Eur J Polit Econ 14(3):407\u2013432. https:\/\/doi.org\/10.1016\/S0176-2680(98)00015-9","journal-title":"Eur J Polit Econ"},{"key":"165_CR50","doi-asserted-by":"publisher","first-page":"241","DOI":"10.1017\/S1744137415000193","volume":"12","author":"C Gr\u00e4bner","year":"2016","unstructured":"Gr\u00e4bner C (2016) Agent-based computational models\u2013 a formal heuristic for institutionalist pattern modelling? J Inst Econ 12:241\u2013261. https:\/\/doi.org\/10.1017\/S1744137415000193","journal-title":"J Inst Econ"},{"key":"165_CR51","volume-title":"Debt: the first 5,000 years","author":"D Graeber","year":"2012","unstructured":"Graeber D (2012) Debt: the first 5,000 years. Melville House, Brooklyn"},{"issue":"3","key":"165_CR52","doi-asserted-by":"publisher","first-page":"481","DOI":"10.1086\/228311","volume":"91","author":"M Granovetter","year":"1985","unstructured":"Granovetter M (1985) Economic action and social structure: the problem of embeddedness. Am J Sociol 91(3):481\u2013510. https:\/\/doi.org\/10.1086\/228311","journal-title":"Am J Sociol"},{"key":"165_CR53","volume-title":"Market and Society: The Great Transformation Today","author":"C Gregory","year":"2009","unstructured":"Gregory C (2009) Whatever happened to householding? Market and Society: The Great Transformation Today. Cambridge University Press"},{"issue":"2","key":"165_CR54","doi-asserted-by":"publisher","first-page":"265","DOI":"10.1515\/jso-2020-0028","volume":"6","author":"F Guala","year":"2020","unstructured":"Guala F (2020) Money as an institution and money as an object. J Soc Ontology 6(2):265\u2013279. https:\/\/doi.org\/10.1515\/jso-2020-0028","journal-title":"J Soc Ontology"},{"issue":"1","key":"165_CR55","doi-asserted-by":"publisher","first-page":"73","DOI":"10.1007\/s43253-022-00065-8","volume":"3","author":"M Guerini","year":"2022","unstructured":"Guerini M, Lamperti F, Napoletano M, Roventini A, Treibich T (2022) Unconventional monetary policies in an agent-based model with mark-to-market standards. Rev Evol Polit Econ 3(1):73\u2013107","journal-title":"Rev Evol Polit Econ"},{"issue":"3","key":"165_CR56","doi-asserted-by":"publisher","first-page":"481","DOI":"10.1007\/s43253-023-00103-z","volume":"4","author":"H Hanappi","year":"2023","unstructured":"Hanappi H (2023) Sign systems of lust and slavery. Rev Evol Polit Econ 4(3):481\u2013496","journal-title":"Rev Evol Polit Econ"},{"issue":"1","key":"165_CR57","doi-asserted-by":"publisher","first-page":"465","DOI":"10.1146\/annurev-anthro-102313-025814","volume":"43","author":"K Hart","year":"2014","unstructured":"Hart K, Ortiz H (2014) The anthropology of money and finance: between ethnography and world history. Annu Rev Anthropol 43(1):465\u2013482. https:\/\/doi.org\/10.1146\/annurev-anthro-102313-025814","journal-title":"Annu Rev Anthropol"},{"key":"165_CR58","unstructured":"Hasker K, Tahmilci A (2008) The rise of money: an evolutionary analysis of the origins of money. Working paper. https:\/\/repository.bilkent.edu.tr\/handle\/11693\/29892. Accessed 23 Jan 2026"},{"key":"165_CR59","doi-asserted-by":"crossref","unstructured":"Heering WW (2005) Money and reciprocity in the extended order.an essay on the evolution and cultural function of money. In: Entrepreneurship, money, and coordination: Hayek\u2019s theory of cultural evolution, Cheltenham and Northampton: Edward Elgar Publishing Ltd pp 156\u201389","DOI":"10.4337\/9781845427955.00012"},{"issue":"2-3","key":"165_CR60","doi-asserted-by":"publisher","first-page":"388","DOI":"10.1515\/jbnst-2014-2-315","volume":"234","author":"C Herrmann-Pillath","year":"2014","unstructured":"Herrmann-Pillath C (2014) Naturalizing institutions: evolutionary principles and application on the case of money. Jahrb\u00fccher F\u00fcr National\u00f6konomie und Statistik 234(2\u20133):388\u2013421. https:\/\/doi.org\/10.1515\/jbnst-2014-2-315","journal-title":"Jahrb\u00fccher F\u00fcr National\u00f6konomie und Statistik"},{"key":"165_CR61","doi-asserted-by":"crossref","unstructured":"Hodgson GM (1999) Evolution and institutions: on evolutionary economics and the evolution of economics. In Evolution and Institutions. Edward Elgar Publishing","DOI":"10.4337\/9781035351589"},{"issue":"1","key":"165_CR62","doi-asserted-by":"publisher","first-page":"95","DOI":"10.1177\/0170840607067832","volume":"28","author":"GM Hodgson","year":"2007","unstructured":"Hodgson GM (2007) Institutions and individuals: interaction and evolution. Organ Stud 28(1):95\u2013116. https:\/\/doi.org\/10.1177\/0170840607067832","journal-title":"Organ Stud"},{"issue":"3","key":"165_CR63","doi-asserted-by":"publisher","first-page":"497","DOI":"10.1017\/S1744137415000028","volume":"11","author":"GM Hodgson","year":"2015","unstructured":"Hodgson GM (2015) On defining institutions: rules versus equilibria. J Inst Econ 11(3):497\u2013505. https:\/\/doi.org\/10.1017\/S1744137415000028","journal-title":"J Inst Econ"},{"key":"165_CR64","doi-asserted-by":"publisher","unstructured":"Horwitz S (1996) Money, money prices, and the socialist calculation debate. In: Advances in Austrian economics, vol 3. Emerald Group Publishing Limited, pp 59\u201377. https:\/\/doi.org\/10.1016\/S1529-2134(96)03005-0","DOI":"10.1016\/S1529-2134(96)03005-0"},{"issue":"1","key":"165_CR65","doi-asserted-by":"publisher","first-page":"55","DOI":"10.1016\/S0167-2681(99)00087-6","volume":"41","author":"P Howitt","year":"2000","unstructured":"Howitt P, Clower R (2000) The emergence of economic organization. J Econ Behav Organ 41(1):55\u201384. https:\/\/doi.org\/10.1016\/S0167-2681(99)00087-6","journal-title":"J Econ Behav Organ"},{"key":"165_CR66","doi-asserted-by":"publisher","unstructured":"Hudson M (2020) Origins of money and interest: palatial credit, not barter. In: Battilossi S, Cassis Y, Yago K (eds) Handbook of the history of money and currency. Springer, Singapore, pp 45\u201365. https:\/\/doi.org\/10.1007\/978-981-13-0596-2_1","DOI":"10.1007\/978-981-13-0596-2_1"},{"issue":"07","key":"165_CR67","doi-asserted-by":"publisher","first-page":"2573","DOI":"10.1017\/S1365100517000815","volume":"23","author":"M Iacopetta","year":"2019","unstructured":"Iacopetta M (2019) The emergence of money: a dynamic analysis. Macroecon Dyn 23(07):2573\u20132596. https:\/\/doi.org\/10.1017\/S1365100517000815","journal-title":"Macroecon Dyn"},{"issue":"4","key":"165_CR68","doi-asserted-by":"publisher","first-page":"507","DOI":"10.1080\/00346769600000031","volume":"54","author":"G Ingham","year":"1996","unstructured":"Ingham G (1996) Money is a social relation. Rev Soc Econ 54(4):507\u2013529","journal-title":"Rev Soc Econ"},{"key":"165_CR69","volume-title":"The nature of money","author":"G Ingham","year":"2004","unstructured":"Ingham G (2004) The nature of money. PolityBooks, Cambridge, UK"},{"key":"165_CR70","unstructured":"Ingham G (2020) Money: Ideology, history, politics. Polity"},{"key":"165_CR71","doi-asserted-by":"crossref","unstructured":"Iwai K (2012) The second end of laissez-faire: The bootsatrpping nature of money and the inherent instability of capitalism. In: New Approaches to Monetary Theory, Routledge, pp 237\u2013266","DOI":"10.2139\/ssrn.1861949"},{"key":"165_CR72","doi-asserted-by":"publisher","unstructured":"Kawagoe T (2007) Learning to use a perishable good as money. In: Antunes L, Takadama K (eds) Multi-agent-based simulation VII. Lecture notes in computer science. Springer, Berlin, pp 96\u2013111. https:\/\/doi.org\/10.1007\/978-3-540-76539-4_8","DOI":"10.1007\/978-3-540-76539-4_8"},{"issue":"2","key":"165_CR73","doi-asserted-by":"publisher","first-page":"183","DOI":"10.1007\/s10100-011-0210-y","volume":"20","author":"E Kiesling","year":"2012","unstructured":"Kiesling E, G\u00fcnther M, Stummer C, Wakolbinger LM (2012) Agent-based simulation of innovation diffusion: a review. Cent Eur J Oper Res 20(2):183\u2013230. https:\/\/doi.org\/10.1007\/s10100-011-0210-y","journal-title":"Cent Eur J Oper Res"},{"key":"165_CR74","doi-asserted-by":"publisher","unstructured":"Kim JH (2022) Emergence of a good as a medium of exchange in different types of networks. https:\/\/doi.org\/10.2139\/ssrn.4037872","DOI":"10.2139\/ssrn.4037872"},{"key":"165_CR75","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1016\/j.jet.2016.03.012","volume":"164","author":"N Kiyotaki","year":"2016","unstructured":"Kiyotaki N, Lagos R, Wright R (2016) Introduction to the symposium issue on money and liquidity. J Econ Theory 164:1\u20139. https:\/\/doi.org\/10.1016\/j.jet.2016.03.012","journal-title":"J Econ Theory"},{"key":"165_CR76","unstructured":"Kiyotaki N, Wright R (1993) A search-theoretic approach to monetary economics. Am Econ Rev 63\u201377. https:\/\/www.jstor.org\/stable\/2117496"},{"key":"165_CR77","doi-asserted-by":"crossref","unstructured":"Klein PG, Selgin G (2002) Menger\u2019s theory of money: Some experimental evidence. In: What is money? Routledge, pp 227\u2013244","DOI":"10.4324\/9780203072691-15"},{"issue":"2","key":"165_CR78","doi-asserted-by":"publisher","first-page":"232","DOI":"10.1006\/jeth.1997.2357","volume":"81","author":"NR Kocherlakota","year":"1998","unstructured":"Kocherlakota NR (1998) Money is memory. J Econ Theory 81(2):232\u2013251. https:\/\/doi.org\/10.1006\/jeth.1997.2357","journal-title":"J Econ Theory"},{"issue":"1","key":"165_CR79","doi-asserted-by":"publisher","first-page":"65","DOI":"10.14441\/eier.7.65","volume":"7","author":"M Kunigami","year":"2010","unstructured":"Kunigami M, Kobayashi M, Yamadera S, Yamada T, Terano T (2010) A doubly structural network model: bifurcation analysis on the emergence of money. Evol Inst Econ Rev 7(1):65\u201385. https:\/\/doi.org\/10.14441\/eier.7.65","journal-title":"Evol Inst Econ Rev"},{"key":"165_CR80","unstructured":"Kuroda A (2021) Global history of money (First issued in paperback). Routledge Taylor & Francis Group"},{"issue":"3","key":"165_CR81","doi-asserted-by":"publisher","first-page":"851","DOI":"10.1093\/cje\/bey005","volume":"42","author":"T Lawson","year":"2018","unstructured":"Lawson T (2018) The constitution and nature of money [A critique of Lawson\u2019s \u2018social positioning and the nature of money\u2019]. Camb J Econ 42(3):851\u2013873. https:\/\/doi.org\/10.1093\/cje\/bey005","journal-title":"Camb J Econ"},{"issue":"3","key":"165_CR82","doi-asserted-by":"publisher","first-page":"467","DOI":"10.1007\/s43253-023-00096-9","volume":"4","author":"R Levitas","year":"2023","unstructured":"Levitas R (2023) There\u2019s no such thing as \u2018the economy\u2019, stupid: using utopia to imagine society\u2019after money\u2019. Rev Evol Polit Econ 4(3):467\u2013479","journal-title":"Rev Evol Polit Econ"},{"key":"165_CR83","doi-asserted-by":"publisher","unstructured":"Marimon R, McGrattan E, Sargent TJ (1990) Money as a medium of exchange in an economy with artificially intelligent agents. Spec Issue Comput Sci Econ 14(2):329\u2013373. https:\/\/doi.org\/10.1016\/0165-1889(90)90025-C","DOI":"10.1016\/0165-1889(90)90025-C"},{"key":"165_CR84","doi-asserted-by":"publisher","unstructured":"Mattsson CES, Criscione T, Takes FW (2022) Circulation of a digital community currency. https:\/\/doi.org\/10.48550\/arXiv.2207.08941","DOI":"10.48550\/arXiv.2207.08941"},{"issue":"1","key":"165_CR85","doi-asserted-by":"publisher","first-page":"15","DOI":"10.1146\/annurev.anthro.35.081705.123127","volume":"35","author":"B Maurer","year":"2006","unstructured":"Maurer B (2006) The anthropology of money. Annu Rev Anthropol 35(1):15\u201336. https:\/\/doi.org\/10.1146\/annurev.anthro.35.081705.123127","journal-title":"Annu Rev Anthropol"},{"issue":"3","key":"165_CR86","doi-asserted-by":"publisher","first-page":"397","DOI":"10.1080\/01603477.2000.11490247","volume":"22","author":"P Mehrling","year":"2000","unstructured":"Mehrling P (2000) Modern money: fiat or credit? J Post Keynes Econ 22(3):397\u2013406. https:\/\/doi.org\/10.1080\/01603477.2000.11490247","journal-title":"J Post Keynes Econ"},{"issue":"4","key":"165_CR87","doi-asserted-by":"publisher","first-page":"565","DOI":"10.1080\/01603477.1991.11489868","volume":"13","author":"P Mirowski","year":"1991","unstructured":"Mirowski P (1991) Postmodernism and the social theory of value. J Post Keynes Econ 13(4):565\u2013582. https:\/\/doi.org\/10.1080\/01603477.1991.11489868","journal-title":"J Post Keynes Econ"},{"key":"165_CR88","doi-asserted-by":"publisher","unstructured":"Moran T, Brede M, Ianni A, Noble J (2013) The origin of money: an agent-based model. In: Advances in artificial life, ECAL 2013, 472\u2013479. MIT Press. https:\/\/doi.org\/10.7551\/978-0-262-31709-2-ch068","DOI":"10.7551\/978-0-262-31709-2-ch068"},{"issue":"1","key":"165_CR89","doi-asserted-by":"publisher","DOI":"10.1057\/s41599-019-0362-2","volume":"5","author":"A Nioche","year":"2019","unstructured":"Nioche A, Garcia B, Lefebvre G, Boraud T, Rougier NP, Bourgeois-Gironde S (2019) Coordination over a unique medium of exchange under information scarcity. Palgrave Commun 5(1):153. https:\/\/doi.org\/10.1057\/s41599-019-0362-2","journal-title":"Palgrave Commun"},{"key":"165_CR90","doi-asserted-by":"publisher","unstructured":"Orl\u00e9an A (2020) Money: instrument of exchange or social institution of value? In: Alary P, Blanc J, Desmedt L, Th\u00e9ret B (eds) Institutionalist theories of money: an anthology of the French school. Springer International Publishing, Cham, pp 239\u2013264. https:\/\/doi.org\/10.1007\/978-3-030-59483-1_8","DOI":"10.1007\/978-3-030-59483-1_8"},{"issue":"3","key":"165_CR91","doi-asserted-by":"publisher","first-page":"445","DOI":"10.1007\/s43253-023-00112-y","volume":"4","author":"H Pahl","year":"2023","unstructured":"Pahl H, Scholz-W\u00e4ckerle M, Schr\u00f6ter J (2023) Envisioning post-capitalist utopias via simulation: theory, critique and models. Rev Evol Polit Econ 4(3):445\u2013465","journal-title":"Rev Evol Polit Econ"},{"issue":"1","key":"165_CR92","doi-asserted-by":"publisher","first-page":"175","DOI":"10.1007\/s00191-021-00729-4","volume":"32","author":"M Peneder","year":"2022","unstructured":"Peneder M (2022) Digitization and the evolution of money as a social technology of account. J Evol Econ 32(1):175\u2013203. https:\/\/doi.org\/10.1007\/s00191-021-00729-4","journal-title":"J Evol Econ"},{"key":"165_CR93","doi-asserted-by":"crossref","unstructured":"Pixley J, Harcourt GC, Ingham GK (eds) (2013) Financial crises and the nature of capitalist money: mutual developments from the work of Geoffrey Ingham. Palgrave Macmillan, Basingstoke","DOI":"10.1057\/9781137302953"},{"key":"165_CR94","doi-asserted-by":"crossref","unstructured":"Polanyi K (2011) The economy as instituted process. In: The Sociology of Economic Life. Routledge, pp 3\u201321","DOI":"10.4324\/9780429494338-2"},{"key":"165_CR95","doi-asserted-by":"crossref","unstructured":"Rodovalho WM, Vinhal CDN, Cruz GD (2010) Studying the emergence of money by means of swarm multi-agent simulation. In: Ibero-American Conference on Artificial Intelligence. Springer, Berlin, Heidelberg, pp 296\u2013305","DOI":"10.1007\/978-3-642-16952-6_30"},{"key":"165_CR96","doi-asserted-by":"publisher","unstructured":"Sahlins M (2017) Stone age economics. Routledge Classics. https:\/\/doi.org\/10.4324\/9781315184951","DOI":"10.4324\/9781315184951"},{"issue":"1","key":"165_CR97","doi-asserted-by":"publisher","first-page":"37","DOI":"10.1007\/s43253-020-00003-6","volume":"1","author":"M Sawyer","year":"2020","unstructured":"Sawyer M (2020) The past, present and future of evolutionary macroeconomics. Rev Evol Polit Econ 1(1):37\u201354","journal-title":"Rev Evol Polit Econ"},{"issue":"484","key":"165_CR98","doi-asserted-by":"publisher","first-page":"147","DOI":"10.1111\/1468-0297.00094","volume":"113","author":"G Selgin","year":"2003","unstructured":"Selgin G (2003) Adaptive learning and the transition to fiat money. Econ J 113(484):147\u2013165. https:\/\/doi.org\/10.1111\/1468-0297.00094","journal-title":"Econ J"},{"issue":"2","key":"165_CR99","doi-asserted-by":"publisher","first-page":"307","DOI":"10.1017\/S0003975615000144","volume":"56","author":"S Sgambati","year":"2015","unstructured":"Sgambati S (2015) The significance of money beyond Ingham\u2019s sociology of money. Eur J Sociol Arch Eur Sociol 56(2):307\u2013339. https:\/\/doi.org\/10.1017\/S0003975615000144","journal-title":"Eur J Sociol Arch Eur Sociol"},{"issue":"1","key":"165_CR100","doi-asserted-by":"publisher","DOI":"10.1038\/s41467-020-16035-9","volume":"11","author":"J Shin","year":"2020","unstructured":"Shin J, Price MH, Wolpert DH, Shimao H, Tracey B, Kohler TA (2020) Scale and information-processing thresholds in Holocene social evolution. Nat Commun 11(1):2394. https:\/\/doi.org\/10.1038\/s41467-020-16035-9","journal-title":"Nat Commun"},{"issue":"2-3","key":"165_CR101","doi-asserted-by":"publisher","first-page":"131","DOI":"10.1016\/S0096-3003(99)00169-1","volume":"117","author":"S Shinohara","year":"2001","unstructured":"Shinohara S, Gunji YP (2001) Emergence and collapse of money through reciprocity. Appl Math Comput 117(2\u20133):131\u2013150. https:\/\/doi.org\/10.1016\/S0096-3003(99)00169-1","journal-title":"Appl Math Comput"},{"key":"165_CR102","doi-asserted-by":"publisher","unstructured":"Simmel G (2011) The Philosophy of Money. In: Frisby D (Ed) Routledge. https:\/\/doi.org\/10.4324\/9780203828298","DOI":"10.4324\/9780203828298"},{"issue":"3","key":"165_CR103","doi-asserted-by":"publisher","first-page":"243","DOI":"10.1017\/S0140525X13001544","volume":"37","author":"PE Smaldino","year":"2014","unstructured":"Smaldino PE (2014) The cultural evolution of emergent group-level traits. Behav Brain Sci 37(3):243\u2013254. https:\/\/doi.org\/10.1017\/S0140525X13001544","journal-title":"Behav Brain Sci"},{"issue":"16","key":"165_CR104","doi-asserted-by":"publisher","first-page":"93","DOI":"10.1016\/S1474-6670(17)40464-2","volume":"31","author":"S Staudinger","year":"1998","unstructured":"Staudinger S (1998) Money as medium of exchange - an analysis with genetic algorithms. IFAC Proc Vol 31(16):93\u201398. https:\/\/doi.org\/10.1016\/S1474-6670(17)40464-2","journal-title":"IFAC Proc Vol"},{"key":"165_CR105","unstructured":"Tobin J (1992) Money. Cowles Foundation Discussion Papers"},{"key":"165_CR106","unstructured":"Townsend RM (1980) Models of money with spatially separated agents. In: Models of monetary economies. Federal Reserve Bank of Minneapolis, Minneapolis, pp 265\u2013303.\u00a0https:\/\/www.minneapolisfed.org\/~\/media\/files\/pubs\/books\/models\/pcc265.pdf?la=en"},{"key":"165_CR107","doi-asserted-by":"publisher","unstructured":"Wallace N (2010) Chapter 1 - The mechanism-design approach to monetary theory. In: Friedman BM, Woodford M (eds) Handbook of monetary economics, vol 3. Elsevier, pp 3\u201323. https:\/\/doi.org\/10.1016\/B978-0-44453238-1.00001-6","DOI":"10.1016\/B978-0-44453238-1.00001-6"},{"issue":"2","key":"165_CR108","doi-asserted-by":"publisher","first-page":"110","DOI":"10.2218\/finsoc.7762","volume":"8","author":"I Wilkins","year":"2022","unstructured":"Wilkins I, Dragos B (2022) Money as a computational machine. Financ Soc 8(2):110\u2013128. https:\/\/doi.org\/10.2218\/finsoc.7762","journal-title":"Financ Soc"},{"key":"165_CR109","doi-asserted-by":"publisher","unstructured":"Yakovenko VM (2010) Statistical mechanics approach to the probability distribution of money. https:\/\/doi.org\/10.48550\/ARXIV.1007.5074","DOI":"10.48550\/ARXIV.1007.5074"},{"key":"165_CR110","doi-asserted-by":"publisher","unstructured":"Yamadera S (2008) Examining the myth of money with agent-based modelling. In: Social simulation: technologies, advances and new discoveries. IGI Global, pp 252\u2013263. https:\/\/doi.org\/10.4018\/978-1-59904-522-1.ch019","DOI":"10.4018\/978-1-59904-522-1.ch019"},{"issue":"22","key":"165_CR111","doi-asserted-by":"publisher","first-page":"5498","DOI":"10.1016\/j.physa.2008.05.025","volume":"387","author":"JS Yang","year":"2008","unstructured":"Yang JS, Kwon O, Jung WS, Kim IM (2008) Agent-based approach for generation of a money-centered star network. Phys A Stat Mech Its Appl 387(22):5498\u20135502. https:\/\/doi.org\/10.1016\/j.physa.2008.05.025","journal-title":"Phys A Stat Mech Its Appl"},{"issue":"3","key":"165_CR112","doi-asserted-by":"publisher","first-page":"1148","DOI":"10.1063\/1.1604593","volume":"13","author":"A Yasutomi","year":"2003","unstructured":"Yasutomi A (2003) Itinerancy of money. Chaos 13(3):1148\u20131164. https:\/\/doi.org\/10.1063\/1.1604593","journal-title":"Chaos"}],"container-title":["Review of Evolutionary Political Economy"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s43253-026-00165-9.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s43253-026-00165-9","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s43253-026-00165-9.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,3,14]],"date-time":"2026-03-14T23:42:43Z","timestamp":1773531763000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s43253-026-00165-9"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,3,15]]},"references-count":112,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2026,12]]}},"alternative-id":["165"],"URL":"https:\/\/doi.org\/10.1007\/s43253-026-00165-9","relation":{},"ISSN":["2662-6136","2662-6144"],"issn-type":[{"value":"2662-6136","type":"print"},{"value":"2662-6144","type":"electronic"}],"subject":[],"published":{"date-parts":[[2026,3,15]]},"assertion":[{"value":"5 July 2025","order":1,"name":"received","label":"Received","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"11 January 2026","order":2,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"15 March 2026","order":3,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}},{"order":1,"name":"Ethics","group":{"name":"EthicsHeading","label":"Declarations"}},{"value":"The authors declare no competing interests.","order":2,"name":"Ethics","group":{"name":"EthicsHeading","label":"Competing interests"}}],"article-number":"11"}}