Professor Sontheimer's "Proof" of the Determinacy of Money Prices, A Comment

Lloyd Paquin

Working Paper from Economics Department, Queen's University

Abstract: An intuitive explanation of why an economy uses money is that barter is more costly than monetary exchange. Professor Sontheimer assumes the barter technology is technically dominated by the monetary technology to prove the existence of an equilibrium with determinate money prices. We reconsider Sontheimer's argument and explain why his existence proof is incorrect. Finally, we discuss an alternative approach to the problem.

Pages: 16
Date: 1977
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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:262

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