 Monetary analysis: The question of the nature and the role of moneyRémi Stellian Lecturas de Economía, 2012, issue 76, 293-327 Abstract: The basic representation of economic activity usually consists of a set of markets, where agents supply and demand goods. One mechanism, generally price variations, makes total supply equal to total demand on every market. Such a situation is defined as equilibrium. Due to the still unresolved difficulties to prove convergence towards equilibrium, this paper aims to provide an alternative basic representation. Given that a set of markets in equilibrium is a representation stemming from real analysis, where goods are the starting point of every theorization, the alternative representation is built upon money. The latter as a starting point thus gives rise to monetary analysis. The conception of money in monetary analysis, as a unit that allows economic magnitudes to be expressed, and as the means to settle the transactions associated with those magnitudes, leads to a basic representation in terms of an evolving network of payments. The paper then clarifies the theoretical status of goods once given s uch a basic representation. Keywords: real analysis; market; equilibrium; monetary analysis; money; evolving network of payments (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:lde:journl:y:2012:i:76:p:293-327 Ordering information: This journal article can be ordered from Access Statistics for this article Lecturas de Economía is currently edited by Carlos Andrés Vasco Correa More articles in Lecturas de Economía from Universidad de Antioquia, Departamento de Economía Contact information at EDIRC. |
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