Description
Title: Power Theory of Money and Exchange
Abstract: Modern exchange theories simulate a sizable market, but they do not account for individual exchanges. In this essay, the phenomenon of single exchange is taken into consideration, and the general exchange problem is formulated as a system of two subjective and objective equations. According to the Walras-Jevons marginal utility equation, subjective equilibrium is determined. By averaging over all market transactions, Walras and Jevons’ objective equilibrium equations can only provide a broad overview without elucidating the precise price of each exchange. It is necessary to identify an exchange micro-condition that, when averaged, will produce the Walras market equilibrium macro-condition. Power must be taken into account as a result of the study of exchange’s internal structure. It introduces the idea of generalized power. The main comparable and quantifiable objective basis of exchange is generalized power. The objective price equation is provided by the power theory of exchange. Money is shown to be both a certification of generalized power in later exchanges as well as a measure of generalized power in exchange. This methodology is based on an interdisciplinary examination of an equation-based abstract exchange model. In contrast to the existing theories of exchange, the proposed theory is able to uniformly explain any exchange, even a single one.
Keywords: exchange; exchange theory; money; money theory; power
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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