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Price Theory and Money Coupled: some Remarks on the Ayres-Martinás Theory

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  • Zsolt Gilanyi

    () (Institute for Economic and Social Sciences - University of West Hungary)

Abstract

The main concern of economic science is to explain the Wealth of Nations. This tradition implies on the one hand, that wealth must be evaluated i.e.: economic science must elaborate a price theory; on the other hand, money should be integrated in economic theories because prices are expressed in monetary terms. Mainstream economic theory succeeds in price determination (with some limits) but fails on money integration, while non-mainstream monetary models succeed on money integration but fail on price determination. In this paper I argue that the Ayres-Martinás theoretical framework is a promising tentative to cope with this challenge of economic science.

Suggested Citation

  • Zsolt Gilanyi, 2013. "Price Theory and Money Coupled: some Remarks on the Ayres-Martinás Theory," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 11(1), pages 29-36.
  • Handle: RePEc:zna:indecs:v:11:y:2013:i:1:p:29-36
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    References listed on IDEAS

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    1. Hellwig, Martin F., 1993. "The challenge of monetary theory," European Economic Review, Elsevier, vol. 37(2-3), pages 215-242, April.
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    Keywords

    microeconomic foundations; macroeconomics;

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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