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Patinkin, Walras and the 'money-in-the-utility-function' tradition

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  • Pascal Bridel

Abstract

This paper concentrates on Patinkin's use of Walras' model in his attempt at providing a proper theory of the price of money integrated with the theory of relative prices. Patinkin stands as the last major contributor to a Walras-Hicks-Patinkin tradition based on an attempt at introducing money into the agent's utility function. More in Hicks than in Walras' footsteps, Patinkin gives a clear priority to money as a store of value over an assumed function as a means of exchange. It is also shown how confident the profession was in the early 1950s in the ability of general equilibrium to provide theoretical foundations to the neo-classical synthesis. However, the similitudes between the technique used by Walras and Patinkin are only a smokescreen behind which very different intentions are hidden.

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  • Pascal Bridel, 2002. "Patinkin, Walras and the 'money-in-the-utility-function' tradition," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 268-292.
    • Handle: RePEc:taf:eujhet:v:9:y:2002:i:2:p:268-292
    DOI: 10.1080/09672560210130710
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    1. Vroey, Michel De, 1999. "Transforming Walras Into a Marshallian Economist: A Critical Review of Donald Walker's Walras's Market Models," Journal of the History of Economic Thought, Cambridge University Press, vol. 21(4), pages 413-435, December.
    2. Michel De Vroey, 2002. "The history of economic thought: the French way," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 672-687.
    3. Ostroy, Joseph M. & Starr, Ross M., 1990. "The transactions role of money," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 1, pages 3-62, Elsevier.
    4. Donald A. Walker, 1994. "The Adjustment Processes in Walras's Consumer Commodities Model in the Mature Phase of his Thought," Revue Économique, Programme National Persée, vol. 45(6), pages 1357-1376.
    5. Pascal Bridel, 1997. "Money and General Equilibrium Theory," Books, Edward Elgar Publishing, number 1303.
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    Cited by:

    1. Michel De Vroey, 2004. "The History of Macroeconomics Viewed against the Background of the Marshall-Walras Divide," History of Political Economy, Duke University Press, vol. 36(5), pages 57-91, Supplemen.
    2. Plassard, Romain, 2017. "Disequilibrium as the origin, originality, and challenges of Clower's microfoundations of monetary theory," MPRA Paper 78917, University Library of Munich, Germany.
    3. Vijay V. Vazirani, 2010. "Spending Constraint Utilities with Applications to the Adwords Market," Mathematics of Operations Research, INFORMS, vol. 35(2), pages 458-478, May.

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