Now how do the observations above [of David Graeber] fit in with other theories of money’s origins such as(1) the barter spot trade origin theory (e.g., held by Adam Smith, Mill, Menger and Mises),(2) the credit origin theory (Mitchell Innes), (3) chartalism (Knapp), and (4) Grierson’s (1977 and 1978) thesis on wergeld and money?And how does it fit in with the empirical evidence that a unit of account was developed by planners in temple institutions in ancient Egypt and Mesopotamia?
It fact, I would contend that it is perfectly complementary, because no single theory is the entire story. The subject of the origins of money is a deeply complex and difficult problem, and these are all pieces of the puzzle. It is obvious that the historical origin of money cannot be traced to one moment of invention in the past: for there have undoubtedly been multiple independent instances in history where things have emerged as a unit of account and medium of exchange in different societies in different times.Read it at Social Democracy for the 21st Century: A Post Keynesian Perspective
Observations on Non-Commercial Money
by Lord Keynes