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Why Is There Money?: Walrasian General Equilibrium Foundations of Monetary Theory

Ross M. Starr. Why Is There Money?: Walrasian General Equilibrium Foundations of Monetary Theory Authors:Ross M. Starr.
Publisher:
Year:2012
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Pages:176
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Price:11359 rub.
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Book Summary:
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...

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