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L. Walras and C. Menger: Two ways on the path of modern monetary theory

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  • Andrés Alvarez
  • Vincent Bignon

Abstract

This paper shows that modern monetary theory can be better understood through the differences between Menger and Walras. Since the 1980s attempts to establish coherent microfoundations for monetary exchange have brought Menger's theory of the origin of money to the forefront and sent walrasian methods to the backstage. However, during the first decade of the XXIth century models inspired on mengerian monetary theory, mainly represented by the search monetary approach, are trying to reintroduce neowalrasian elements. This paper aims at clarifying the main theoretical implications of this movement, through an analysis of the Menger‐Walras divide on money. This divide allows us to show new proof of the deep theoretical differences among the so‐called marginalist authors and of the richness of this historical period as a source for modern economics.

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Paper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2010-25.

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Length: 30 pages
Date of creation: 2010
Date of revision:
Handle: RePEc:drm:wpaper:2010-25

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