0
Your cart

Your cart is empty

Books > Business & Economics > Economics > Economic theory & philosophy

Buy Now

Why is there Money? - Walrasian General Equilibrium Foundations of Monetary Theory (Hardcover) Loot Price: R2,783
Discovery Miles 27 830
Why is there Money? - Walrasian General Equilibrium Foundations of Monetary Theory (Hardcover): Ross M. Starr

Why is there Money? - Walrasian General Equilibrium Foundations of Monetary Theory (Hardcover)

Ross M. Starr

 (sign in to rate)
Loot Price R2,783 Discovery Miles 27 830 | Repayment Terms: R261 pm x 12*

Bookmark and Share

Expected to ship within 12 - 19 working days

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

General

Imprint: Edward Elgar Publishing Ltd
Country of origin: United Kingdom
Release date: February 2012
Authors: Ross M. Starr
Dimensions: 234 x 156 x 14mm (L x W x T)
Format: Hardcover
Pages: 176
ISBN-13: 978-1-84844-856-8
Categories: Books > Business & Economics > Economics > Economic theory & philosophy
Books > Business & Economics > Economics > Macroeconomics > Monetary economics
Books > Business & Economics > Finance & accounting > Finance > Public finance > General
Books > Money & Finance > Public finance > General
Promotions
LSN: 1-84844-856-2
Barcode: 9781848448568

Is the information for this product incomplete, wrong or inappropriate? Let us know about it.

Does this product have an incorrect or missing image? Send us a new image.

Is this product missing categories? Add more categories.

Review This Product

No reviews yet - be the first to create one!

You might also like..

The Asian Aspiration - Why And How…
Greg Mills, Olusegun Obasanjo, … Paperback R350 R316 Discovery Miles 3 160
Africa's Business Revolution - How to…
Acha Leke, Mutsa Chironga, … Hardcover  (1)
R824 R713 Discovery Miles 7 130
Black Tax - Burden Or Ubuntu?
Niq Mhlongo Paperback  (2)
R325 R275 Discovery Miles 2 750
Closing The Gap - The Fourth Industrial…
Tshilidzi Marwala Paperback R600 Discovery Miles 6 000
The Other End Of The Telescope - How To…
Ian Russell Paperback R250 R212 Discovery Miles 2 120
Introduction To Business Management
S. Rudansky-Kloppers, B. Erasmus, … Paperback R599 R563 Discovery Miles 5 630
Our Long Walk To Economic Freedom - Why…
Johan Fourie Paperback R380 R356 Discovery Miles 3 560
The Future - More Than 80 Key Trends For…
Dion Chang, Bronwyn Williams, … Paperback R370 R347 Discovery Miles 3 470
Understanding Macroeconomics
Philip Mohr, Cecilia van Zyl, … Paperback  (6)
R440 Discovery Miles 4 400
Understanding South African Financial…
K. van Wyk, Z. Botha, … Paperback R860 R773 Discovery Miles 7 730
Afrikaner-Kapitalisme: van Brandarm tot…
David Meade Paperback  (1)
R340 Discovery Miles 3 400
FutureNEXT - Reimagining Our World…
John Sanei, Iraj Abedian Paperback R382 Discovery Miles 3 820

See more

Partners