ABSTRACT
This chapter develops a method for how to assess the monetary heuristics of traders in historical time, expressed in the form of units of account and media of exchange they used and their success in their contemporary trading environments. It begins with emergent money, liquidity, and monetary heuristics, followed by social learning, and the value of money. Money is an emergent order and the monetary regime required in order to keep credit creation consistent with the financing requirements of innovation, while liquidity constitutes a crucial link to the financial system. Financial evolution means that monetary arrangements obtain a higher level of complexity, including more sophisticated monetary heuristics. Developing methods to assess the monetary heuristics of traders in historical time, involves the form of units of account and media of exchange they used, and their success in their contemporary trading environments.
