Patinkin, Walras and the 'money-in-the-utility-function' tradition

Pascal Bridel

The European Journal of the History of Economic Thought, 2002, vol. 9, issue 2, 268-292

Abstract: This paper concentrates on Patinkin's use of Walras' model in his attempt at providing a proper theory of the price of money integrated with the theory of relative prices. Patinkin stands as the last major contributor to a Walras-Hicks-Patinkin tradition based on an attempt at introducing money into the agent's utility function. More in Hicks than in Walras' footsteps, Patinkin gives a clear priority to money as a store of value over an assumed function as a means of exchange. It is also shown how confident the profession was in the early 1950s in the ability of general equilibrium to provide theoretical foundations to the neo-classical synthesis. However, the similitudes between the technique used by Walras and Patinkin are only a smokescreen behind which very different intentions are hidden.

Keywords: General Equilibrium; Walras; Patinkin; Money In The Utility Function (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (3)

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DOI: 10.1080/09672560210130710

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