1: Introduction -- Part I: Classical Monetary Theory -- 2: A Reinterpretation of Classical Monetary Theory.-3: On Some Classical Monetary Controversies -- 4: The Real Bills Doctrine in the Light of the Law of Reflux -- 5: Classical Monetary Theory and the Quantity Theory -- 6: Monetary...

This paper attempts to account for the rising value of cryptocurrencies using basic concepts of monetary theory. A positive value of fiat money is itself problematic inasmuch as that value apparently depends entirely on its expected resale value. A current value entirely dependent on expected...

Neoclassical economics is bifurcated between Marshall’s partial-equilibrium and Walras’s general-equilibrium analyses. Given the failure of neoclassical theory to explain the Great Depression, Keynes proposed an explanation of involuntary unemployment. Keynes’s contribution was later...

R. G. Hawtrey, like his younger contemporary J. M. Keynes, was a Cambridge graduate in mathematics, an Apostle, deeply influenced by the Cambridge philosopher G. E. Moore, attached, if only peripherally, to the Bloomsbury group, and largely an autodidact in economics. Both entered the British...

Hayek's Prices and Production, based on his hugely successful lectures at LSE in 1931, was the first English presentation of Austrian business-cycle theory, and established Hayek as a leading business-cycle theorist. Sraffa's 1932 review of Prices and Production seems to have been instrumental...