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- W2492014639 abstract "Explaining the role of money in the economy by means of supply and demand has often seemed inadequate, even awkward. Money is evidently an institution — not just another good whose excess demand equation is to be added to those of the other goods, to form a monetized general equilibrium where before a barter system prevailed. A single excess demand equation, derived from preferences, endowments and technology, hardly seems sufficient to express all the economically relevant differences between a generalized barter system and a monetary economy. Even worse, the equation, when added, appears to create serious problems of interpretation, even of consistency, suggesting that the approach is not adequate to the task.1" @default.
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- W2492014639 date "1996-01-01" @default.
- W2492014639 modified "2023-09-25" @default.
- W2492014639 title "The Circuit of Money in a Production Economy" @default.
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- W2492014639 doi "https://doi.org/10.1007/978-1-349-24525-3_9" @default.
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