ABSTRACT
The most outstanding outcomes of value theory – determination of the rate of profit and prices of production for the Ricardo-Sraffa theory or existence of general competitive equilibrium prices and Pareto-optimality of the equilibria for the Walras-Arrow-Debreu theory – are demonstrated in a moneyless economy. Money appears in value theory as a second thought. Money exists and it must find room in value theory. Integration of money into value theory is the most traditional issue in standard monetary theory. The integration of money into value theory is considered to be achieved when fiat money is proved to have a positive price at equilibrium along with the other commodities in the general model. The founding act of value analysis – getting rid of money – has to be justified by demonstrating that integrating money into value theory does not alter its main propositions.
