Reflections on the Quantity Theory
In 1917, Pigou published his classic article on “The Value of Money” in the Quarterly Journal of Economics. In 1920-1921, Pareto wrote a manuscript on monetary theory, “Note Critiche di Teoria Monetaria”, but it was not published until 2005 when some fragments of that manuscript were located by Fior...
שמור ב:
| הוצא לאור ב: | URI:https://journals.openedition.org/ress, |
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| מחבר ראשי: | |
| פורמט: | Article ou chapitre numérique |
| שפה: | Anglais |
| יצא לאור: |
Revue européenne des sciences sociales
2013
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| נושאים: | |
| גישה מקוונת: | Accès Université d'Orléans et IFPM Accès Université d'Orléans et IFPM |
| סיכום: | In 1917, Pigou published his classic article on “The Value of Money” in the Quarterly Journal of Economics. In 1920-1921, Pareto wrote a manuscript on monetary theory, “Note Critiche di Teoria Monetaria”, but it was not published until 2005 when some fragments of that manuscript were located by Fiorenzo Mornati. In both these papers the authors reflected on the quantity theory of money and both established the conditions that must be met for the theory to hold. Yet the rhetoric of Pigou in light of his analysis was very moderate, cautious and broadly supportive of the theory; whereas the rhetoric of Pareto in light of his analysis was far more direct, unequivocal and critical of the theory. In this study the analysis of Pigou and Pareto is compared and that analysis is used to explain the difference in their rhetoric pertaining to the quantity theory. It is concluded that this case is illustrative of a more general difference between Cambridge and Lausanne during the second generation of these two respective “schools” of thought. |
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