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formula. He anticipates the famous Newcomb-Fisher equation but with one difference: in Thünen's opinion the product of …
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In this paper, I review some selected literature about or related to the monetary neutrality and show that specific aspects of the monetary (non-)neutrality are actually derived from the underlying welfare consideration and thus their validity or desirability depend on the current state and way...
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Walras' Law is one of the most important tenets of Neo-liberal economics. It is supposed to be a Tautological Identity according to which disequilibrium in market economies has a compensatory nature. Hence, disequilibrium in any market would imply an opposite imbalance somewhere else in the...
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This paper examines the intellectual heritage of the debate between the Currency and Banking Schools of 19th-century England in regard to three Viennese economists: Rudolf Hilferding, Ludwig von Mises, and Joseph Schumpeter. I first provides a brief summary of the debate between the Currency and...
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Wicksell's formulation of monetary theory as the study of the relation between aggregate supply and aggregate demand – and their respective division into supply of consumption and capital goods on one side, and income spent and saved, on the other – would play a key role in the development...
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The paper offers a reconstruction of the “conversation” between Irving Fisher and Knut Wicksell on money as shown by …'s approaches into their own respective frameworks. This was followed by Wicksell's extended criticism of Fisher's compensated …, especially after Wicksell's death, Fisher came to support a significant part of Wicksell's monetary policy proposals …
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