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

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  • Lloyd Paquin

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.

Suggested Citation

  • Lloyd Paquin, 1977. "Professor Sontheimer's "Proof" of the Determinacy of Money Prices, A Comment," Working Paper 262, Economics Department, Queen's University.
  • Handle: RePEc:qed:wpaper:262
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