The Walrasian Theory of Money: An Interpretation and a Reconstruction

Robert E. Kuenne
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Robert E. Kuenne: Princeton University

Chapter 20 in General Equilibrium Economics, 1992, pp 458-471 from Palgrave Macmillan

Abstract: Abstract Economic theory offers few more interesting challenges than the monetary analysis of Léon Walras.1 Its importance as a precursor of the better-known ‘Cambridge-k’ approach, its evolution in the writing of its author, and its importance as the first rigorous attempt to treat money in a fashion analagous to ‘real’ goods, have been treated elsewhere.2 Less has been done in the study of its true relationships to the savings-investment equations of the model — relationships which differ significantly from their more famous Wicksellian counterparts — and this study will attempt to fill this gap to some extent. As presented by Walras, the analysis is highly condensed, overly mathematized, and often obscure.

Keywords: Capital Good; Security Market; Fixed Capital; Money Stock; Cash Balance (search for similar items in EconPapers)
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-12752-8_21

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DOI: 10.1007/978-1-349-12752-8_21

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