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I. THE EFFECTS OF CURRENCY SCARCITY ON MARKETS AND TH E L A W  13 17 A. Barter, the Cost of Transacting, and Market Development  1318 B. Public and Private Responses to Currency Scarcity in Colonial Massachusetts Prior to the Issuance of P ublic C urrency  1321 C. Colonial Judicial Remedies Before Widespread Public Currency Circulation  1332 D. Assessing the Costs of Monetary Scarcity  1335 1. The Limitations of Money Substitutes  1335 2. Economics Scholarship on Colonial Economic Growth  1339

Currency Policies and Legal Development in Colonial New England