 Menger (1892) tells a story of the emergence of money from trading practices. For a society to come to have money, Menger argues, it is not required that anyone in the society made a choice to adopt a medium as money. Instead, in the course of transactions in the marketplace, the marketability of certain goods will tend to increase, and as a result, these goods acquire a degree of “money-character”. Money, in Menger’s view, is simply a good that is highly marketable in transactions, and therefore highly liquid.