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- W4386079696 abstract "The purposes of this essay are to explain and evaluate Léon Walras’s modeling of markets for circulating physical capital and money, and to evaluate his last monetary model as a whole. It is shown that although Walras assumed that written pledges are used in the markets for certain commodities to eliminate disequilibrium transactions and production, he also assumed regarding many of precisely the same commodities that disequilibrium transactions and production, occur in their markets. Moreover, he made the redundant and illogical assumption that there are markets for the services of nondurable goods as well as for the goods themselves. For those and for other reasons it is concluded that the resulting model is not a functioning system." @default.
- W4386079696 created "2023-08-23" @default.
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- W4386079696 date "1991-01-01" @default.
- W4386079696 modified "2023-09-25" @default.
- W4386079696 title "The markets for circulating capital and money in Walras's last monetary model" @default.
- W4386079696 doi "https://doi.org/10.3406/ecoap.1991.2266" @default.
- W4386079696 hasPublicationYear "1991" @default.
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