Money's Role in Equilibrium Theory Unveiled: Impact on Economic Stability
The article discusses the relationship between money and general equilibrium theory, focusing on the changes made by Walras to his theory of money. The main goal was to explore how money impacts the equilibrium allocation of resources in an economy. The researchers used transaction cost analysis and the Walrasian Equilibrium model to study this relationship. The key finding was that the theory of money underwent significant changes during Walras' research from 1876 to 1899, leading to a better understanding of how money influences economic equilibrium.