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Download Classical versus Neoclassical Monetary Theories: The Roots, by Will E. Mason (auth.), William N. Butos (eds.) PDF

By Will E. Mason (auth.), William N. Butos (eds.)

Classical as opposed to Neoclassical financial Theories, accomplished previous to Professor Will E. Mason's premature demise, locations contemporary and mid-20th century financial concept in a bigger historic context, whereas analyzing the relevance of latest questions in financial coverage. the 1st 1/2 the amount analyzes the advance of the methodological and conceptual foundations of financial conception, as much as and together with modern mainstream perspectives; the second one part addresses extra policy-oriented financial questions. Emphasis is put on the dichotomy of economic and price idea, the Walrasian normal equilibrium paradigm, the answer of the `Patinkin controversy', the Federal Reserve System's failed scan with `pure monetarism', and the misplacement of the loose industry within the `Chicago paradox'.
Classical as opposed to Neoclassical financial Theories should be of curiosity either to historians of monetary inspiration and financial and macro economists, in addition to to many well-informed fans and fashioners of financial policy.

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162, 176). , the real cost of obtaining or retaining the commodity constituting the standard of value. 5 It was in this manner that the classical analysis of the long-run level of prices was (temporarily) burdened with the added responsibility of accounting for short-run price level fluctuations. However, attempts by commodity theorists (monometallists in the bimetallic controversy) to relieve the de facto gold standard from responsibility for the secular American deflation of the latter nineteenth century precluded consistent adherence to, or application of, this doctrine.

71). Actually, Mill would not have disagreed with the latter statement at all. In fact, he used almost the identical language (J. S. Mill 1871, p. 504). The apparent discrepancy is explained by Nicholson's failure to appreciate the full significance of the classical monetary application of the proposition that cost can affect value only through supply. Both James and John Stuart Mill, as well as their classical colleagues, contended that the production costs of the precious metals constituted the primary element in the determination of their supplies.

Such folklore continues to obstruct comprehension of our classical heritage, with results that are sometimes ironical. For example, Herbert G. Grubel's (1961, pp. 292-296, 300) imputation of income theory to Ricardo was deduced from the false premise that Ricardo's quantity theory was identical with its neoclassical misconstruction. 32. J. S. Mill (1871, p. , specie] distribution through the world, therefore: and its different value in different places, should be liable to be altered, not by causes affecting itself, but by a hundred causes unconnected with it; by everything which affects the trade in other commodities, so as to derange the equilibrium of exports and imports; appears to these thinkers [who think they see in this a violation of the accepted proposition that monetary theory is .

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