The microeconomic foundation of the theory of money has long represented a puzzle to economic theory. Why is there Money? derives the foundations of monetary theory from advanced price theory in a mathematically precise family of trading post models.
It has long been recognized that the fundamental theoretical analysis of a market economy is embodied in the Arrow-Debreu-Walras mathematical general equilibrium model, with one great deficiency: the analysis cannot accommodate money and financial institutions. In this groundbreaking book, Ross M. Starr addresses this problem directly, by expanding the Arrow-Debreu model to include a multiplicity of trading opportunities, with the resultant endogenous derivation of money as the carrier of value among them. This fundamental breakthrough is achieved while maintaining the Walrasian general equilibrium price-theoretic structure, augmented primarily by the introduction of separate bid and ask prices reflecting transaction costs. The result is foundations of monetary theory consistent with and derived from modern price theory.
This fascinating book will provide a stimulating and thought-provoking read for academics and postgraduate students focusing on economics, macroeconomics, macroeconomic policy and finance, money and banking. Central bankers will also find much to interest them within this book.
Contents:
Introduction: Why is There No Money?
1. Why is There Money?
2. An Economy Without Money
3. The Trading Post Model
4. An Elementary Linear Example: Liquidity Creates Money
5. Absence of Double Coincidence of Wants is Essential to Monetization in a Linear Economy
6. Uniqueness of Money: Scale Economy and Network Externality
7. Monetization of General Equilibrium
8. Government-Issued Fiat Money
9. Efficient Structure of Exchange
10. Microfoundations of Jevons's Double Coincidence Condition
11. Commodity Money Equilibrium in a Convex Trading Post Economy
12. Efficiency of Commodity Money Equilibrium
13. Alternative Models
14. Conclusion and a Research Agenda
Bibliography
Index
"synopsis" may belong to another edition of this title.
Ross M. Starr, University of California, San Diego, US
"About this title" may belong to another edition of this title.
£ 13.90 shipping from Germany to U.S.A.
Destination, rates & speedsSeller: Antiquariat Bookfarm, Löbnitz, Germany
Hardcover. 160 S. Ehem. Bibliotheksexemplar mit Signatur und Stempel. GUTER Zustand, ein paar Gebrauchsspuren. Ex-library with stamp and library-signature. GOOD condition, some traces of use. w15947 9781848448568 Sprache: Englisch Gewicht in Gramm: 550. Seller Inventory # 2434092
Quantity: 1 available
Seller: Books Puddle, New York, NY, U.S.A.
Condition: New. pp. 176. Seller Inventory # 2697363326
Quantity: 1 available
Seller: Majestic Books, Hounslow, United Kingdom
Condition: New. pp. 176 Illus. Seller Inventory # 96082593
Quantity: 1 available
Seller: Biblios, Frankfurt am main, HESSE, Germany
Condition: New. pp. 176. Seller Inventory # 1897363316
Quantity: 1 available
Seller: Book Emporium 57, Ottawa, ON, Canada
Hardcover. Condition: Very Good. 160 pgs. No underlining or highlighting. Seller Inventory # ABE-1677882394600
Quantity: 1 available
Seller: PBShop.store UK, Fairford, GLOS, United Kingdom
HRD. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # FW-9781848448568
Quantity: 3 available
Seller: Kennys Bookshop and Art Galleries Ltd., Galway, GY, Ireland
Condition: New. 2012. Hardback. . . . . . Seller Inventory # V9781848448568
Quantity: 1 available
Seller: THE SAINT BOOKSTORE, Southport, United Kingdom
Hardback. Condition: New. New copy - Usually dispatched within 4 working days. 439. Seller Inventory # B9781848448568
Quantity: 2 available
Seller: Revaluation Books, Exeter, United Kingdom
Hardcover. Condition: Brand New. 160 pages. 9.25x6.25x0.75 inches. In Stock. Seller Inventory # __1848448562
Quantity: 2 available
Seller: Rarewaves.com USA, London, LONDO, United Kingdom
Hardback. Condition: New. The microeconomic foundation of the theory of money has long represented a puzzle to economic theory. Why is there Money? derives the foundations of monetary theory from advanced price theory in a mathematically precise family of trading post models. It has long been recognized that the fundamental theoretical analysis of a market economy is embodied in the Arrow-Debreu-Walras mathematical general equilibrium model, with one great deficiency: the analysis cannot accommodate money and financial institutions. In this groundbreaking book, Ross M. Starr addresses this problem directly, by expanding the Arrow-Debreu model to include a multiplicity of trading opportunities, with the resultant endogenous derivation of money as the carrier of value among them. This fundamental breakthrough is achieved while maintaining the Walrasian general equilibrium price-theoretic structure, augmented primarily by the introduction of separate bid and ask prices reflecting transaction costs. The result is foundations of monetary theory consistent with and derived from modern price theory. This fascinating book will provide a stimulating and thought-provoking read for academics and postgraduate students focusing on economics, macroeconomics, macroeconomic policy and finance, money and banking. Central bankers will also find much to interest them within this book. Contents: Introduction: Why is There No Money? 1. Why is There Money? 2. An Economy Without Money 3. The Trading Post Model 4. An Elementary Linear Example: Liquidity Creates Money 5. Absence of Double Coincidence of Wants is Essential to Monetization in a Linear Economy 6. Uniqueness of Money: Scale Economy and Network Externality 7. Monetization of General Equilibrium 8. Government-Issued Fiat Money 9. Efficient Structure of Exchange 10. Microfoundations of Jevons's Double Coincidence Condition 11. Commodity Money Equilibrium in a Convex Trading Post Economy 12. Efficiency of Commodity Money Equilibrium 13. Alternative Models 14. Conclusion and a Research Agenda Bibliography Index. Seller Inventory # LU-9781848448568
Quantity: 1 available