Money, Capital and Interest in Intertemporal General Equilibrium Theory

Robert E. Kuenne
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Robert E. Kuenne: Princeton University

Chapter 22 in General Equilibrium Economics, 1992, pp 479-501 from Palgrave Macmillan

Abstract: Abstract Like the classical theory of hydrodynamics which deduced that airplanes cannot fly, general economic equilibrium frameworks are ill equipped to confront economic reality. As a notable example, the existential reality of money as an institution is a jarring reminder of the analytical limitations of the most sophisticated general equilibrium models.

Keywords: Interest Rate; Capital Stock; General Equilibrium; Capital Good; Excess Demand (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-12752-8_23

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