JOURNAL ARTICLE
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Geld und Gleichgewicht
Ein Vorschlag zur Überwindung der Dichotomie der Preis- und Werttheorie
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 110 (1990), Iss. 3 : pp. 337–358
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Binswanger, Hans Ch.
Abstract
If we want to explain the money economy, the Walrasian model has to be substituted by a model divided into periods, in which in fact a market equilibrium exists, but no exchange equilibrium. The equation of exchange of the Walrasian model is replaced by a new equation of payments. The dichotomy between price level and relative prices is removed. The money prices are explained from the beginning as money prices, i.e. as what we observe in reality, not divided into relative prices on the one hand, and the price level on the other. Thus a door is being opened in principle for the possibility of an impact of the money supply on the real economic process. Changes in the money supply show effects in the following periods. Thus under the aspect of money historical time becomes a component of the general equilibrium.