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- W4205634138 abstract "Modern exchange theories model a large market, but do not explain single exchange. The paper considers the phenomenon of single exchange and formulates the general exchange problem in the form of a system of two equations, subjective and objective. Subjective equilibrium is given by the Walras-Jevons marginal utility equation. Objective equilibrium equations by Walras and Jevons are averaged over all transactions in the market and can only give a rough general picture without explaining the specific price of an individual exchange. An exchange micro-condition must be found that, when averaged, will give the Walras market equilibrium macro-condition. The study of the internal structure of exchange leads to the need to consider power. The concept of generalized power is introduced. It is generalized power that serves as the primary comparable and measurable objective basis of exchange. The power theory of exchange provides the objective price-equation. It is demonstrated that money is a measure of generalized power in exchange and a certification of generalized power in subsequent exchanges. The proposed theory is able to uniformly explain any exchange, including a single one, which is impossible with the existing theories of exchange." @default.
- W4205634138 created "2022-01-26" @default.
- W4205634138 creator A5027410961 @default.
- W4205634138 date "2021-11-26" @default.
- W4205634138 modified "2023-09-24" @default.
- W4205634138 title "Power Theory of Exchange and Money" @default.
- W4205634138 doi "https://doi.org/10.20944/preprints202111.0449.v2" @default.
- W4205634138 hasPublicationYear "2021" @default.
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