Money myths and the epistemic opacity of monetary order: Symbolic anchors among regional politicians and business professionals

Abstract

Money is one of modern society’s central institutions, yet its institutional foundations remain largely opaque – even to those routinely involved in fiscal and credit-related decision-making. Drawing on survey data from regional politicians and business professionals in the Austrian state of Styria, this article examines widespread beliefs about money creation and money backing, such as the ideas that money is backed by gold and created exclusively by central banks. The findings show that such myths persist not only among the general population but also among politicians and business professionals. Such beliefs are often interpreted as ‘folk ideas’ or ‘fictional expectations’. We argue that the concept of money myths better captures their social and institutional significance. Money myths are socially shared belief structures that provide symbolic anchors in an otherwise opaque monetary order. The gold myth is an intensified form of money myth: it elevates the promise of monetary stability into a promise of eternity, offering a timeless anchor against financial volatility. Theoretically, money and gold myths bridge the gap between everyday financial practice and limited explicit knowledge, contributing to the social foundations of monetary governance. The article thus contributes to debates on knowledge, legitimacy, and the symbolic foundations of monetary governance.