L. Walras and C. Menger: two ways on the path of modern monetary theory
Andrés Álvarez () and
Vincent Bignon ()
The European Journal of the History of Economic Thought, 2013, vol. 20, issue 1, 89-124
This paper shows that modern monetary theory can be better understood through the differences between Menger and Walras. Since the 1980s, attempts to establish coherent microfoundations for monetary exchange have brought Menger's theory of the origin of money to the forefront and sent walrasian methods to the backstage. However, during the first decade of the twenty-first century, models inspired on mengerian monetary theory, mainly represented by the search monetary approach, are trying to reintroduce neo-walrasian elements. This paper aims at clarifying the main theoretical implications of this movement, through an analysis of the Menger--Walras divide on money. This divide allows us to show new proof of the deep theoretical differences among the so-called marginalist authors and of the richness of this historical period as a source for modern economics.
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
Access to full text is restricted to subscribers.
Working Paper: L. Walras and C. Menger: Two ways on the path of modern monetary theory (2010)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:taf:eujhet:v:20:y:2013:i:1:p:89-124
Ordering information: This journal article can be ordered from
Access Statistics for this article
The European Journal of the History of Economic Thought is currently edited by José Luís Cardoso
More articles in The European Journal of the History of Economic Thought from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().