Contrary to the strawman “classical” model of the textbooks, the original classical economists did not believe that money-stock changes affect only the price level and not real output and employment. Most classicals saw money as having powerful short-run real effects and perhaps some...

From Irving Fisher in 1907 to Jan Tinbergen in 1945 at least eight economists developed the famous diagram used to demonstrate the gains from international trade.

Despite their image as free traders, six leading British classical and neoclassical economists formulated a valid theoretical argument for tariffs. They showed that a suitably small tariff could, under certain conditions, benefit the levying country by improving its terms of trade. They also...

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An abstract for this article is not available.