Monetary analysis: The question of the nature and the role of money
AbstractThe basic representation of economic activity usually consists of a set of markets, where agents supply and demand goods. One mechanism, generally price variations, makes total supply equal to total demand on every market. Such a situation is defined as equilibrium. Due to the still unresolved difficulties to prove convergence towards equilibrium, this paper aims to provide an alternative basic representation. Given that a set of markets in equilibrium is a representation stemming from real analysis, where goods are the starting point of every theorization, the alternative representation is built upon money. The latter as a starting point thus gives rise to monetary analysis. The conception of money in monetary analysis, as a unit that allows economic magnitudes to be expressed, and as the means to settle the transactions associated with those magnitudes, leads to a basic representation in terms of an evolving network of payments. The paper then clarifies the theoretical status of goods once given s uch a basic representation.
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Bibliographic InfoArticle provided by Universidad de Antioquia, Departamento de Economía in its journal LECTURAS DE ECONOMÍA.
Volume (Year): (2012)
Issue (Month): 76 ()
Postal: Lecturas de Economía, Departamento de Economía, Calle 67, 53-108, Medellin 050010, Colombia.
Find related papers by JEL classification:
- E00 - Macroeconomics and Monetary Economics - - General - - - General
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
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