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vol.20 issue35EQUILIBRIO GENERAL NO COMPETITIVO CON FORMACIóN ENDóGENA DE PRECIOSLA EMERGENCIA NATURAL DE LA MONEDA EN LA TEORÍA DE CARL MENGER Y LOS MODELOS DE BÚSQUEDA MONETARIA: LOS LÍMITES DE LA MONEDA-MERCANCíA author indexsubject indexarticles search
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Cuadernos de Economía

Print version ISSN 0121-4772On-line version ISSN 2248-4337

Abstract

BENETTI, Carlo. EL PROBLEMA DE LA VARIACIÓN DE LOS PRECIOS: LOS LÍMITES DE LA TEORÍA WALRASIANA. Cuad. Econ. [online]. 2001, vol.20, n.35, pp.49-69. ISSN 0121-4772.

This paper propases a general equilibrium model in all respects identical to the Walrasian one, except that it includes a mechanism by which prices change endogeneously. In this model the Walrasian auctioneer is eliminated and, consequently the problem put forward by K. Arrow is sol ved without introducing imperfect competition. This model also shows that the simple and deterministic rule of price change according to the law of supply and demand, which is exogeneous in the standard general equilibrium theory, is logically related to the Walrasian price taker individual behaviour. These two properties of the Walrasian model depend on particular and very restrictive conditions.

Keywords : Walrasian auctioneer; price change.

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