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By Lawrence White

The conception of economic Institutions covers loose banking financial proposal and a theoretical account of the evolution of economic associations.

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This result is no part of the intention of Bank Yin the above scenarios, and may not be anticipated before the fact. ) Bank Y aims only at an expanded circulation of its own notes, which indeed is also a result. Banks that accept other banks' notes at par improve the circulation both of their own notes, and of the notes they accept. If two banks both recognize ex ante the availability of these circulation gains from mutual par acceptance, they may explicitly enter a pact to accept one another's notes at par.

13 See Dowd ( 1992b) for case studies. THE PATH TO FIAT MONEY 19 The forces that lead to convergence on a common monetary standard, as in Menger's account, continue to operate once a standard is reached. Nobody wants to make trading harder by offering or accepting only a nonstandard money, different from that routinely accepted and offered by others. Consequently, nobody would want to go first in switching to a completely novel monetary standard, even if he were persuaded that, in theory, it would work better supposing that everyone switched.

Vigorous pursuit of the tactic on both sides (known historically as "note dueling," and practiced for example by the first and second chartered banks in Scotland upon the entry of the second) may drive note-changing commissions to zero. In a repeated game of this sort, however, a non-aggressive "tit for tat" strategy (return an opponent's blows in kind, but meet cooperation with cooperation) should evolve (Axelrod 1984). When both sides practice note dueling, both find it ineffectual and expensive.

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