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Toward a monetary theory of the market economy. A study of Money and Price Theory

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Author Info
Ludovic A. JULIEN ()
Fabrice TRICOU1 ()

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Abstract

This text examines the monetary market economy model developed by Benetti and Cartelier (2001). The authors construct a pure exchange monetary economy within a general equilibrium framework. Money is crucial in determining market prices and in coordinating transactions. This monetary approach of markets exhibits an essential feature of a market economy: the decentralization of actions and thus disequilibrium analysis. Individual disequilibria are caused by mistaken expectations. We emphasize the properties of this monetary economy and discuss the approach retained. The model is original and relevant, despite two shortcomings: the formation of expectations and its generalization to more complex market economies.

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Publisher Info
Article provided by Centre national de la recherche scientifique (CNRS), Paris in its journal Cahiers d'économie Politique.

Volume (Year): (2007)
Issue (Month): 52 ()
Pages: 83-104
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Handle: RePEc:cpo:journl:y:2007:i:52:p:83-104

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Find related papers by JEL classification:
B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Quantitative and Mathematical
D41 - Microeconomics - - Market Structure and Pricing - - - Perfect Competition
E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General

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This page was last updated on 2009-11-6.

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