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 dying, areas fresh and mid-20th century financial concept in a bigger old context, whereas analyzing the relevance of latest questions in financial coverage. the 1st 1/2 the amount analyzes the improvement of the methodological and conceptual foundations of economic thought, 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 financial and price conception, the Walrasian basic equilibrium paradigm, the solution of the `Patinkin controversy', the Federal Reserve System's failed test with `pure monetarism', and the misplacement of the unfastened marketplace within the `Chicago paradox'.
Classical as opposed to Neoclassical financial Theories can be of curiosity either to historians of financial idea and fiscal and macro economists, in addition to to many well-informed fans and fashioners of financial policy.
Read or Download Classical versus Neoclassical Monetary Theories: The Roots, Ruts, and Resilience of Monetarism — and Keynesianism PDF
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Extra resources for Classical versus Neoclassical Monetary Theories: The Roots, Ruts, and Resilience of Monetarism — and Keynesianism
Also see J. S. Mill (1871, pp. 495-498) for the relevance of the ceteris paribus assumption to the classical quantity theory. Denials that the quantity theory accords with historical facts ignore the fact that "it assumes all other things to remain constant, a condition which is never satisfied in reality because of the length of time required for the phenomena in question to develop" (Walras 1954, p. 367). As the following chapter will show, Walras' observation was true of classical but not of neoclassical theory.
Becker and William J. Baumol very properly question the use of the term "classical theory" by both those who seek to correct and those who undertake to justify its presumed dualism (1952, pp. ). In this treatise the classical school will be interpreted as embracing David Ricardo and his followers, through John Stuart Mill. Inclusion of earlier or later authorities is possible but neither required by the argument presented nor relevant to the issues discussed. 2. During the dominance of the classical school, gold had replaced silver as the standard monetary metal in England.
During the dominance of the classical school, gold had replaced silver as the standard monetary metal in England. Although silver and bimetallic standards persisted in other parts of the world, English classical writers used "gold" as a surrogate for both monetary metals. Adoption of this usage will simplify the exposition of classical doctrine. 3. James Mill had earlier expressed the same idea even before David Ricardo had broken into print: "The true idea of money is neither more nor less than that of a commodity which is bought and sold like other commodities" (1808, p.