The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd


  • Michael Allingham
Reference work entry


In general equilibrium theory the price of one good in terms of another is interpreted as the amount of the second which can be exchanged for a given amount of the first. There is thus no essential role for a standard of value, or numéraire, though it is frequently helpful to introduce this. Such a numéraire is a commodity in terms of which, by convention, other commodities are valued.


Money numeraire 

JEL Classifications

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Michael Allingham
    • 1
  1. 1.