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Why is there Money? - Walrasian General Equilibrium Foundations of Monetary Theory (Paperback): Ross M. Starr Why is there Money? - Walrasian General Equilibrium Foundations of Monetary Theory (Paperback)
Ross M. Starr
R1,030 Discovery Miles 10 300 Ships in 12 - 17 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

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
R2,562 Discovery Miles 25 620 Ships in 12 - 17 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

Essays in Honor of Kenneth J. Arrow: Volume 1, Social Choice and Public Decision Making (Hardcover): Walter P. Heller, Ross M.... Essays in Honor of Kenneth J. Arrow: Volume 1, Social Choice and Public Decision Making (Hardcover)
Walter P. Heller, Ross M. Starr, David A. Starrett
R2,792 Discovery Miles 27 920 Ships in 12 - 17 working days

Professor Kenneth J. Arrow is one of the most distinguished economic theorists. He has played a major role in shaping the present state of the subject and now is to be honoured by the publication of three volumes of essays on economic theory. Each volume deals with a different area of economic theory. The books include contributions by some of the best economic theorists from the United States, Japan, Israel, and Europe.

General Equilibrium Theory - An Introduction (Hardcover, 2nd Revised edition): Ross M. Starr General Equilibrium Theory - An Introduction (Hardcover, 2nd Revised edition)
Ross M. Starr
R3,279 R2,676 Discovery Miles 26 760 Save R603 (18%) Ships in 12 - 17 working days

General Equilibrium Theory: An Introduction presents the mathematical economic theory of price determination and resource allocation from elementary to advanced levels, suitable for advanced undergraduates and graduate students of economics. This Arrow-Debreu model (known for two of its most prominent founders, both Nobel Laureates) is the basis of modern price theory and of a wide range of applications. The text starts with elementary models: Robinson Crusoe, the Edgeworth Box, and a 2-commodity 2-household 2-firm model. It gives a brief introduction to the mathematics used in the field (continuity, convexity, separation theorems, Brouwer fixed-point theorem, point-to-set mappings, and Shapley-Folkman theorem). It then presents the mathematical general equilibrium model in progressively more general settings, including point-valued, set-valued, and nonconvex set-valued demand and supply. Existence of general equilibrium, fundamental theorems of welfare economics, core convergence, and futures markets with time and uncertainty are treated fully. The new edition updates discussion throughout and expands the number and variety of exercises. It offers a revised and extended treatment of core convergence, including the case of non-convex preferences, and introduces the investigation of approximate equilibrium with U-shaped curves and non-convex preferences.

Essays in Honor of Kenneth J. Arrow: Volume 1, Social Choice and Public Decision Making (Paperback): Walter P. Heller, Ross M.... Essays in Honor of Kenneth J. Arrow: Volume 1, Social Choice and Public Decision Making (Paperback)
Walter P. Heller, Ross M. Starr, David A. Starrett
R941 Discovery Miles 9 410 Ships in 12 - 17 working days

Professor Kenneth J. Arrow is one of the most distinguished economic theorists. He has played a major role in shaping the subject and is honoured by the publication of three volumes of essays on economic theory. Each volume deals with a different area of economic theory. The books include contributions by some of the best economic theorists from the United States, Japan, Israel and Europe.

Essays in Honor of Kenneth J. Arrow: Volume 2, Equilibrium Analysis (Paperback): Walter P. Heller, Ross M. Starr, David A.... Essays in Honor of Kenneth J. Arrow: Volume 2, Equilibrium Analysis (Paperback)
Walter P. Heller, Ross M. Starr, David A. Starrett
R1,226 Discovery Miles 12 260 Ships in 12 - 17 working days

Professor Kenneth J. Arrow is one of the most distinguished economic theorists. He has played a major role in shaping the subject and is honoured by the publication of three volumes of essays on economic theory. Each volume deals with a different area of economic theory. The books include contributions by some of the best economic theorists from the United Stated, Japan, Israel and Europe. This second volume is entitled Equilibrium Analysis and is divided into sections on general equilibrium and on the microfoundations of macroeconomics.

Essays in Honor of Kenneth J. Arrow: Volume 3, Uncertainty, Information, and Communication (Paperback): Walter P. Heller, Ross... Essays in Honor of Kenneth J. Arrow: Volume 3, Uncertainty, Information, and Communication (Paperback)
Walter P. Heller, Ross M. Starr, David A. Starrett
R1,167 Discovery Miles 11 670 Ships in 12 - 17 working days

Professor Kenneth J. Arrow is one of the most distinguished economic theorists. He has played a major role in shaping the subject and is honoured by the publication of three volumes of essays on economic theory. Each volume deals with a different area of economic theory. The books include contributions by some of the best economic theorists from the United Stated, Japan, Israel and Europe. This third volume is entitled Uncertainty, Information, and Communication.

Essays in Honor of Kenneth J. Arrow: Volume 2, Equilibrium Analysis (Hardcover): Walter P. Heller, Ross M. Starr, David A.... Essays in Honor of Kenneth J. Arrow: Volume 2, Equilibrium Analysis (Hardcover)
Walter P. Heller, Ross M. Starr, David A. Starrett
R3,411 Discovery Miles 34 110 Ships in 12 - 17 working days

Professor Kenneth J. Arrow is one of the most distinguished economic theorists. He has played a major role in shaping the subject and is honoured by the publication of three volumes of essays on economic theory. Each volume deals with a different area of economic theory. The books include contributions by some of the best economic theorists from the United Stated, Japan, Israel and Europe. This second volume is entitled Equilibrium Analysis and is divided into sections on general equilibrium and on the microfoundations of macroeconomics.

Essays in Honor of Kenneth J. Arrow: Volume 3, Uncertainty, Information, and Communication (Hardcover): Walter P. Heller, Ross... Essays in Honor of Kenneth J. Arrow: Volume 3, Uncertainty, Information, and Communication (Hardcover)
Walter P. Heller, Ross M. Starr, David A. Starrett
R3,161 Discovery Miles 31 610 Ships in 12 - 17 working days

Professor Kenneth J. Arrow has played a major role in shaping the present state of economics as a subject, and receives recognition for this with the publication in his honour of three volumes of essays on economic theory. Each volume deals with a different area of economic theory, and all include contributions by some of the major economic theorists from the US, Japan, Israel and Europe. This third volume covers the uncertainties connected with information and communication.

General Equilibrium Theory - An Introduction (Paperback, 2nd Revised edition): Ross M. Starr General Equilibrium Theory - An Introduction (Paperback, 2nd Revised edition)
Ross M. Starr
R1,272 Discovery Miles 12 720 Ships in 12 - 17 working days

General Equilibrium Theory: An Introduction presents the mathematical economic theory of price determination and resource allocation from elementary to advanced levels, suitable for advanced undergraduates and graduate students of economics. This Arrow-Debreu model (known for two of its most prominent founders, both Nobel Laureates) is the basis of modern price theory and of a wide range of applications. The text starts with elementary models: Robinson Crusoe, the Edgeworth Box, and a 2-commodity 2-household 2-firm model. It gives a brief introduction to the mathematics used in the field (continuity, convexity, separation theorems, Brouwer fixed-point theorem, point-to-set mappings, and Shapley-Folkman theorem). It then presents the mathematical general equilibrium model in progressively more general settings, including point-valued, set-valued, and nonconvex set-valued demand and supply. Existence of general equilibrium, fundamental theorems of welfare economics, core convergence, and futures markets with time and uncertainty are treated fully. The new edition updates discussion throughout and expands the number and variety of exercises. It offers a revised and extended treatment of core convergence, including the case of non-convex preferences, and introduces the investigation of approximate equilibrium with U-shaped curves and non-convex preferences.

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