一般均衡理論과 貨幣問題에 관한 小考

A Short Article on the Problem of General Equilibrium and Money

Money is introduced in the original general equilibrium model to permit us to work with and determine money price. In so doing we seem to encounter no logical problems and no other changes are thought necessary. Neverthless it is difficult for us to integrate money properly into the general equilibrium system. A long debate about the simple dichotomy of the walrasian system and the role of money has been made. As a matter of fact, though the general equilibrium model is essentially static, money in itself has a dynamic factor because of the store of value. Therefore, first of all, we must interprete the equilibrium concept in a new viewpoint in order to study money in terms of general equilibrium. Such a concept to play the role of bridge between statics and dynamics is the Hicks’ week concept. A first and monumental attempt to integrate money into general equilibrium in using the real balance effect and the week is made by Don Patinkin. Though a extensive debate arises in response to Patinkin’s contribution, his positive suggestion for integrating money into the real part of the system results in the general equilibrium taking a great step forward, but his model has various drawbacks. Compared to his model the comprehensive and elaborate temporary equilibrium model is developed. Therefore the purpose of my paper is to review the current state of literature critiically concerning the problem about the integration of general equilibrium theory and money.