The paper tests the hypothesis that the post-Korean War business cycles of the U.S. economy can be explained b y a simple inventory cycle model b ased on the work of Lloyd Metzler. The hypothesis was found to be compatible with the data

We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect to the specific steps taken as well as the general methodology employed. Empirical studies of the QTM have focused directly on the relationship between the rate of change of the...

The most important economic measures are monetary. They have many different names, are derived in different theories and employ different formulas. Yet, they all attempt to do basically the same thing: to separate a change in nominal value into a 'real part' due to the changes in quantities and...

The overwhelming, positive reception accorded Thomas Piketty's Capital in the Twenty-First Century id due in large measure to his claim of having provided a theory of the dynamics of capitalism, including two “fundamental laws of capitalism” and an explanation of how and why a capitalist...

Empirical work on the quantity theory of money (QTM) has involved regressions based on the equation of exchange (EE). For the EE to be more than a definitional identity, an assumption must be made regarding its parameter, either Fisher's velocity 'v', or its inverse, the Cambridge 'k'. The...

No other phrase has been as widely and as controversially used in the discussion of capitalism and markets as the ‘invisible hand', a metaphor that Adam Smith used just once in each of his major works. There has been a debate as to whether Smith himself attached any importance to this...

This study approaches the Quantity Theory of Money at a conceptual level, asking how it can be most reasonably interpreted and quantitatively assessed. The resulting approach is straightforward. Unlike studies relying on other methods we find evidence of its linchpin prediction that is not...

The paper presents a general theory of the aggregation of prices and quantities that unifies the field and relates topics that in the past have been treated separately and unsatisfactorily, or not at all. The theory does without the common but unrealistic assumptions of homotheticity, or...

The paper provides a rigorous derivation of the 'welfare triangle approximation' (WTA), which is at the centre of cost-benefit analysis. The result is generalized by showing that the WTA is one of two dual expressions, one of which approximates the change in real consumption, the other the...