This work, integrating monetary and value theory in a Walrasian
general equilibrium context, anticipated by almost two decades the
line of research which attempts to recast macroeconomics by
reference to its microeconomic foundations. The notion of an
integrated set of markets offered intuitive perception of
intermarket linkages. At the same time it highlighted some of the
pitfalls of traditional neoclassical monetary analysis, such as the
erroneous imputation of unitary elasticity to the demand curve for
money.;Patinkin's presentation of general equilibrium illuminated
the difficulty in upholding the Keynesian notion of underemployment
equilibrium. His insightful efforts to understand behaviour in
labour markets in disequilibrium led him to provide the first well
worked out example of the powerful implications of disequilibrium
and thereby to lay the foundations for the disequilibrium analysis
of the 1970s.
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