IDEAS home Printed from https://ideas.repec.org/h/pal/pshchp/978-3-031-51737-2_3.html
   My bibliography  Save this book chapter

From Walras’s Numéraire to the Quantity Theory of Money

In: National and International Monetary Payments

Author

Listed:
  • Andrea Carrera

    (Complutense University of Madrid and Complutense Institute for International Studies)

  • Alvaro Cencini

    (Università della Svizzera italiana)

Abstract

The neoclassical theory can be conceived of as the antithesis of the classical theory. Production loses its central role in the creation of value, which allegedly arises within relative exchange. It is through exchange, indeed, that price determination is thought to take place. Yet, this chapter suggests a logical proof that the general equilibrium system originally proposed by Walras is undetermined. This should incite economists to reconsider the role of exchange as the source of economic value. The chapter thus deals with the neoclassical understanding of money inserted in general equilibrium analysis. Despite the general belief that money is nothing but an object of payment, it is argued that Walras’s concept of numéraire as general equivalent acquires its full significance when it is identified with nominal money.

Suggested Citation

  • Andrea Carrera & Alvaro Cencini, 2024. "From Walras’s Numéraire to the Quantity Theory of Money," Palgrave Studies in the History of Economic Thought, in: National and International Monetary Payments, chapter 0, pages 51-76, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-031-51737-2_3
    DOI: 10.1007/978-3-031-51737-2_3
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:pshchp:978-3-031-51737-2_3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.