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Professor Sontheimer's "Proof" of the Determinacy of Money Prices, A Comment

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  • Lloyd Paquin
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    Abstract

    An intuitive explanation of why an economy uses money is that barter is more costly than monetary exchange. Professor Sontheimer assumes the barter technology is technically dominated by the monetary technology to prove the existence of an equilibrium with determinate money prices. We reconsider Sontheimer's argument and explain why his existence proof is incorrect. Finally, we discuss an alternative approach to the problem.

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    Bibliographic Info

    Paper provided by Queen's University, Department of Economics in its series Working Papers with number 262.

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    Length: 16
    Date of creation: 1977
    Date of revision:
    Handle: RePEc:qed:wpaper:262

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