Walras and Contemporary Financial-Economic Crisis

Davar, Ezra (2014) Walras and Contemporary Financial-Economic Crisis. Modern Economy, 05 (05). pp. 635-656. ISSN 2152-7245

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Abstract

This paper shows that one of crucial causes of contemporary financial-economic crisis is an abandonment of the classic and Walras’s theories, in particular the monetary theory. Therefore, it discusses three fundamental differences between Walras’s and modern economists’ approaches: 1) the relationship between theory and reality; 2) the use of mathematics in economic theory; and 3) the monetary theory. The paper demonstrates that the modern approach is even incompatible with hypothetical economics because of unrealistic assumptions, for example, there is only one type of money—fiat money; whilst Walras’s approach applies well to its era’s reality.

Item Type: Article
Subjects: West Bengal Archive > Multidisciplinary
Depositing User: Unnamed user with email support@westbengalarchive.com
Date Deposited: 17 May 2024 10:45
Last Modified: 17 May 2024 10:45
URI: http://article.stmacademicwriting.com/id/eprint/1238

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