Leon Walras' Theory of Money

Renato Cirillo

American Journal of Economics and Sociology, 1986, vol. 45, issue 2, 215-222

Abstract: Abstract. Leon Walras'theory of money, in spite of its serious flaws, provides important insights which should prove of interest to modern monetarists. He was one of the few economists in the classical tradition to detect major deficiencies in the quantity theory of money. He favored a strong public policy to regulate the money supply in order to ensure the preservation of economic equilibrium. Most of his arguments were motivated by his concern for the wage earners because he knew that they were the first to suffer in times of economic crisis.

Date: 1986
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