ABSTRACT
For Walras the stability of the value of money was one of demands of justice.' He was one of the first economists to suggest a specific definition of the object of a monetary policy. Nevertheless, in the present context, I am not concerned with his analysis of bimetallism nor with those areas of his thought concerned with monetary policy. The issue of money is in fact present in his work at a far more fundamental level. Without money we cannot know how transactions would be carried out in a state of general equilibrium; therefore we cannot know either how agents would obtain endowments corresponding to their individual equilibrium. If money is not included in the model the concept of general equilibrium remains empty.
