Why is there Money? : Walrasian General Equilibrium Foundations of Monetary Theory
Ross M. Starr
Bok Engelsk 2012 · Electronic books.
| Annen tittel | |
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| Utgitt | Cheltenham : : Edward Elgar Publishing, , 2012.
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| Omfang | 1 online resource (176 p.)
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| Opplysninger | Description based upon print version of record.. - Cover; Copyright; Contents; Tables; Acknowledgements; Introduction: why is there no money?; 1. Why is there money?; 2. An economy without money; 3. The trading post model; 4. An elementary linear example: liquidity creates money; 5. Absence of double coincidence of wants is essential to monetization in a linear economy; 6. Uniqueness of money: scale economy and network externality; 7. Monetization of general equilibrium; 8. Government-issued fiat money; 9. Efficient structure of exchange; 10. Microfoundations of Jevons's double coincidence condition. - 11. Commodity money equilibrium in a convex trading post economy12. Efficiency of commodity moneye quilibrium; 13. Alternative models; 14. Conclusion and a research agenda; Bibliography; Index. - The microeconomic foundation of the theory of money has long represented a puzzle to economic theory. Why is there Money? derives the foundations of monetary theory from advanced price theory in a mathematically precise family of trading post models. It has long been recognized that the fundamental theoretical analysis of a market economy is embodied in the Arrow-Debreu-Walras mathematical general equilibrium model, with one great deficiency: the analysis cannot accommodate money and financial institutions. In this groundbreaking book, Ross M. Starr addresses this problem directly, by expandin
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| Emner | |
| Sjanger | |
| Dewey | |
| ISBN | 9781848448568
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