Kurt Bouwhuis, Mackinac Center Intern

Carl Menger, the founder of the Austrian School of economics wrote a very important article in 1892 that explained the origins of money for the first time.  Many believed money was a grand scheme planned out and created by the powerful rulers of empires. 

Menger’s article dispelled this myth by explaining that money was not the result of central planning, but rather, a phenomenon created by the interactions of several people over a long period of time.  Money, in short, was created spontaneously.