Strengths, weaknesses and paradoxes of Walras' monetary theory[Forces, faiblesses et paradoxes de la théorie monétaire de Walras]

The aim of this article is to study Walrasian money theory in the light of Cartelier's general criticism of standard theory, which justifies his direct monetary approach to the economy. We argue that Walras succeeded well before his successors in integrating money into the theory of value, avoiding many of the pitfalls into which many contemporary monetary theories fall. This work will highlight a paradoxical result: despite being a value theorist, Walras has an affinity with the monetary tradition, unlike most of his neoclassical successors. Nevertheless, Walras is not clear on the question of the nature of the money supply. This is the weakness of his model, which may well be open to Cartelier's criticism.