El análisis monetario: la cuestión de la naturaleza y el papel de la moneda

the basic representation of economic activity usually consists of a set of markets, where agents supply and demand goods. one mechanism, generally price variations, makes total supply equal to total demand on every market. such a situation is defined as equilibrium. due to the still unresolved difficulties to prove convergence towards equilibrium, this paper aims to provide an alternative basic representation. given that a set of markets in equilibrium is a representation stemming from real analysis, where goods are the starting point of every theorization, the alternative representation is built upon money. the latter as a starting point thus gives rise to monetary analysis. the conception of money in monetary analysis, as a unit that allows economic magnitudes to be expressed, and as the means to settle the transactions associated with those magnitudes, leads to a basic representation in terms of an evolving network of payments. the paper then clarifies the theoretical status of goods once given such a basic representation.