ABSTRACT
By contrast with many commentators who think that integration of money into value theory has failed, we will maintain that no basic obstacle prevents it from being realized. The delicate issue is not integration but neutrality. Value theory deals with three domains: production, consumption and circulation of wealth. Walras and Walrasian tradition take for granted that transactions are carried out exclusively through money. Accepting Hahn's argument, some money theoreticians considered that Arrow-Debreu's framework should be put aside or transformed. By the same move they insisted less on the intermediary function of money than in its role as a store of value. In the 1980s overlapping generation models were much in fashion not only in money theory but also in dynamics and macro-economy. Micro-foundation is claimed by Shi to be an achievement owed to search models. Shi sees in micro-foundation the signs that money theory has filled the gap between price and money theory.
