The microeconomic foundation of the theory of money has long represented a puzzle to economic theory. Why is there Money? derives the foundations of monetary theory from advanced price theory in a mathematically precise family of trading post models. It has long been recognized that the fundamental theoretical analysis of a market economy is embodied in the Arrow-Debreu-Walras mathematical general equilibrium model, with one great deficiency: the analysis cannot accommodate money and financial institutions. In this ...
Read More
The microeconomic foundation of the theory of money has long represented a puzzle to economic theory. Why is there Money? derives the foundations of monetary theory from advanced price theory in a mathematically precise family of trading post models. It has long been recognized that the fundamental theoretical analysis of a market economy is embodied in the Arrow-Debreu-Walras mathematical general equilibrium model, with one great deficiency: the analysis cannot accommodate money and financial institutions. In this groundbreaking book, Ross M. Starr addresses this problem directly, by expanding the Arrow-Debreu model to include a multiplicity of trading opportunities, with the resultant endogenous derivation of money as the carrier of value among them. This fundamental breakthrough is achieved while maintaining the Walrasian general equilibrium price-theoretic structure, augmented primarily by the introduction of separate bid and ask prices reflecting transaction costs. The result is foundations of monetary theory consistent with and derived from modern price theory. This fascinating book will provide a stimulating and thought-provoking read for academics and postgraduate students focusing on economics, macroeconomics, macroeconomic policy and finance, money and banking. Central bankers will also find much to interest them within this book. Contents: Introduction: Why is There No Money? 1. Why is There Money? 2. An Economy Without Money 3. The Trading Post Model 4. An Elementary Linear Example: Liquidity Creates Money 5. Absence of Double Coincidence of Wants is Essential to Monetization in a Linear Economy 6. Uniqueness of Money: Scale Economy and Network Externality 7. Monetization of General Equilibrium 8. Government-Issued Fiat Money 9. Efficient Structure of Exchange 10. Microfoundations of Jevons's Double Coincidence Condition 11. Commodity Money Equilibrium in a Convex Trading Post Economy 12. Efficiency of Commodity Money Equilibrium 13. Alternative Models 14. Conclusion and a Research Agenda Bibliography Index
Read Less
Add this copy of Why is There Money Walrasian General Equilibrium to cart. $42.54, new condition, Sold by Books2anywhere rated 5.0 out of 5 stars, ships from Fairford, GLOUCESTERSHIRE, UNITED KINGDOM, published 2013 by Edward Elgar Publishing.
Choose your shipping method in Checkout. Costs may vary based on destination.
Seller's Description:
PLEASE NOTE, WE DO NOT SHIP TO DENMARK. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Please note we cannot offer an expedited shipping service from the UK.
Add this copy of Why is There Money Walrasian General Equilibrium to cart. $45.20, new condition, Sold by Paperbackshop International rated 2.0 out of 5 stars, ships from Fairford, GLOS, UNITED KINGDOM, published 2013 by Edward Elgar Publishing.
Choose your shipping method in Checkout. Costs may vary based on destination.
Seller's Description:
PLEASE NOTE, WE DO NOT SHIP TO DENMARK. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Please note we cannot offer an expedited shipping service from the UK.
Add this copy of Why is There Money? Walrasian General Equilibrium to cart. $45.90, new condition, Sold by discount_scientific_books rated 3.0 out of 5 stars, ships from Sterling Heights, MI, UNITED STATES, published 2013 by Edward Elgar Publishing Ltd.
Add this copy of Why is there Money?: Walrasian General Equilibrium to cart. $46.80, new condition, Sold by Booksplease rated 4.0 out of 5 stars, ships from Southport, MERSEYSIDE, UNITED KINGDOM, published 2013 by Edward Elgar Publishing Ltd.
Add this copy of Why is There Money? Walrasian General Equilibrium to cart. $47.55, new condition, Sold by discount_scientific_books rated 3.0 out of 5 stars, ships from Sterling Heights, MI, UNITED STATES, published 2013 by Edward Elgar Publishing Ltd.
Add this copy of Why is There Money? : Walrasian General Equilibrium to cart. $47.56, new condition, Sold by Kennys.ie rated 4.0 out of 5 stars, ships from Galway, IRELAND, published 2013 by Edward Elgar Publishing Ltd.
Add this copy of Why is There Money? to cart. $52.51, new condition, Sold by Media Smart rated 4.0 out of 5 stars, ships from Hawthorne, CA, UNITED STATES, published 2013 by Edward Elgar Publishing Limited.
Add this copy of Why is There Money? to cart. $55.47, new condition, Sold by Ria Christie Books rated 5.0 out of 5 stars, ships from Uxbridge, MIDDLESEX, UNITED KINGDOM, published 2013 by Edward Elgar Publishing Ltd.
Add this copy of Why is There Money? : Walrasian General Equilibrium to cart. $78.00, good condition, Sold by Bonita rated 4.0 out of 5 stars, ships from Newport Coast, CA, UNITED STATES, published 2013 by Edward Elgar Publishing.
Add this copy of Why is There Money? : Walrasian General Equilibrium to cart. $113.98, new condition, Sold by Bonita rated 4.0 out of 5 stars, ships from Newport Coast, CA, UNITED STATES, published 2013 by Edward Elgar Publishing.
