search query: @author Shi, S. / total: 12
reference: 10 / 12
| Author: | Shi, S. |
| Title: | Money and specialization |
| Journal: | Economic Theory
1997 : JUN, VOL. 10:1, p. 99-113 |
| Index terms: | MONEY SPECIALIZATION BARTERING MONETARY ECONOMICS |
| Language: | eng |
| Abstract: | This paper investigates whether money encourages specialization depends on the extent to which money enlarges the market. When the extent of the market is already large, as in the barter economy, introducing money merely redistributes value from producers to money holders. When the extent of the market is limited in the sense that barter is very unlikely, introducing money may increase the speed of exchange and hence increase the rate of consumption. This paper provides a concrete model to illustrate to what extent the argument can be supported. |
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