Fiche du document
2016
- ISIDORE Id: 10670/1.7201f1...
Cairn
Sujets proches
Commercial products--Prices Commodity prices Price theory Justum pretium Specie Monetary question Money, Primitive Currency Standard of valueCiter ce document
Carlo Benetti et al., « Temporary disequilibrium and money in a Classical approach », Papers in Political Economy, ID : 10670/1.7201f1...
Métriques
Partage / Export
Résumé
This paper explores a way to extend Classical theory to the analysis of disequilibrium. It introduces money as a pure means of exchange. At variance with the theories of gravitation, it introduces a market mechanism to determine prices in disequilibrium and in equilibrium as well. Money and the rule of the formation of prices are strongly connected with Marx’s analysis of the social division of labour. It is shown how this rule, expressed in monetary terms, may solve some of the basic problems that Marx left open. Temporary disequilibria occur in both physical and monetary terms. In a bisector model, an institutional device for the settlement of monetary imbalances is introduced, which leads to the final allocations and effective productions. The dynamics of the economy are those of a sequence of temporary disequilibria, and allow several possibilities to appear (local or global stability, cycles) depending on the values of the parameters. JEL classification: E11, E30, E32, O41, B51
