Leon Walras' Theory of Money

Cirillo, Renato

doi:10.1111/j.1536-7150.1986.tb01922.x

Cited by 6 publications

(5 citation statements)

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“…He was also able to incorporate capital and growth as well as introduce the concept of money in his analysis (Walras, 1874). Cirillo (1986) claims that Walras "demonstrated that a pure system of money was consistent with his general equilibrium analysis" and that he "indirectly . .…”

Section: Marginalism and Opportunity Costsmentioning

confidence: 96%

Historical origins and development of economic rationalism

Gates

Steane

2007

Journal of Management History

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Purpose -The purpose of this paper is to trace the development of economic theory to the point where "economic rationalism" is a commonly used term. Design/methodology/approach -The paper draws on earlier research and published works examining: the history of economics; economic rationalism; and the different influences in comprising basic economic concepts. Findings -The analysis of writing indicates that rationalism has been a focus of discussion in economic writing since Classical times, through to the "rational" influence in economic policy making from neoclassical economic writing. But, the specific term "economic rationalism" gained wider usage after Pusey's book. From that time, the term was used outside academia as a disparaging means to criticise economic theorists and policy makers.Research limitations/implications -The research is limited by the ability to examine all the literature in the field in greater depth. However, this has been ameliorated by examining a sufficient sample of literature relevant to the concept of rationality in economic theory and policy. Practical implications -This paper provides a useful critique -from the classics to the modern era -of the contribution made to economic theory and practice. It provides managers with a comprehensive historical overview. Originality/value -This paper fulfils an identified need and gives support to executives and managers who have doubts about theological justification for some values and accountability procedures being employed in policymaking.

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Section: Marginalism and Opportunity Costsmentioning

confidence: 96%

Historical origins and development of economic rationalism

Gates

Steane

2007

Journal of Management History

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“…Stabiliser la valeur de la monnaie est indispensable pour la préservation de l'équilibre économique. Il prône alors une intervention étatique (Cirillo, 1986) et propose le système suivant. L'économie dispose d'une monnaie-marchandise, l'or.…”

Section: La Question De La Nature De L'offre De Monnaieunclassified

Forces, faiblesses et paradoxes de la théorie monétaire de Walras

Piluso

2023

interventionseconomiques

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L'équilibre une fois établi en principe, la livraison des services commencera immédiatement et continuera d'une façon déterminée pendant la période de temps considérée. Le paiement de ces services, évalués en numéraire, se fera en monnaie à des termes déterminés. La livraison des produits commencera de même immédiatement et continuera d'une façon déterminée pendant la même période. Le paiement de ces produits, évalués en numéraire, se fera aussi en monnaie à des termes déterminés » (Walras, 1900, p. 298-9). Bauvert (2003) souligne à cet égard qu'il existe chez Walras une double temporalité : un temps historique correspondant à l'enchaînement des équilibres temporaires, et une Forces, faiblesses et paradoxes de la théorie monétaire de Walras Revue Interventions économiques, 69 | 2023

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“…As Plumwood argues, dualism embeds hierarchy by denying the superior's dependency on the inferior, objectifying the inferior in terms of its usefulness to the superior, and homogenizing the inferior group [18] (pp. [48][49][50][51][52][53][54].…”

Section: Western Ontology As a Mechanical Dualismmentioning

confidence: 99%

“…The model homogenizes the circular, wage, and slave labor embedded in commodities and productive inputs [46] and [47] (pp. [46][47][48][49][50][51][52][53][54][55] and disembodies labor from its biological function [1] (p. 130). From a resource perspective, commodities are viewed in terms of a "mechanistic ontology" [48] (p. 11) with no inherent value until labor or capital actualize their value in the form of producer profit or consumer utility [11] (p. 192) [18] (p. 111).…”

Section: Orthodox Economics As Dualistic Ontologymentioning

confidence: 99%

“…In the Walrasian model, price acts the single tool through which all information about commodities is revealed while also serving as the single feedback loop that equilibrates supply and demand. Price, however, is not money per se, but a measure of the relative utility between two "existing commodity values" [14] (p. 18) and a third commodity of invariable value that Walras called the numeraire [53] (p. 215).…”

Section: Price Numeraire As Value Relationmentioning

confidence: 99%

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Toward an Ecological Monetary Theory

Ament

2019

Sustainability

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Money is the most ubiquitous institution on the planet and lays the foundation for human civilization. As such it should underlie economic theory. Due to the dualized nature of Western culture, however, mainstream economic theory assumes that money is simply a value relation to make barter efficient. This theory is manifest in orthodox monetary theory and policy. Ecological economics understands the problems attendant to modern money but has heretofore not developed a theory of money of its own. In order to make its economic theory and policy prescriptions viable, this paper argues that ecological economics must develop a theory of money that is simultaneously rooted in an understanding of money’s socio-history, and an ontological reimagining of dualized Western culture.

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Leon Walras' Theory of Money

Cited by 6 publications

References 0 publications

Historical origins and development of economic rationalism

Historical origins and development of economic rationalism

Forces, faiblesses et paradoxes de la théorie monétaire de Walras

Toward an Ecological Monetary Theory

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