On the Asymptotic Theory of the Demand for Money

LIKE other economic doctrines, the Quantity Theory has its ebb and flow. Generally speaking, its influence loses ground during periods dominated by depressive trends, when the burden of economic adjustment is borne by output and employment rather than by prices and wages. But it regains ascendancy i...

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Bibliographic Details
Published in:Oxford economic papers 1969-03, Vol.21 (1), p.24-28
Main Author: Olivera, J. H. G.
Format: Article
Language:English
Subjects:
Alliances
Asymptotic theory
Classical economics
Commodities
Commodity prices
Consumer economics
Consumer equilibrium
Consumption
Demand curves
Economic development
Economic theory
Equilibrium
Financial bonds
Interest rates
Money demand
Propensity to consume
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Summary:LIKE other economic doctrines, the Quantity Theory has its ebb and flow. Generally speaking, its influence loses ground during periods dominated by depressive trends, when the burden of economic adjustment is borne by output and employment rather than by prices and wages. But it regains ascendancy in epochs of rising prices. Small wonder, therefore, that in recent times it had recovered so much of its classical prominence. Even the non-monetary views of inflation, which have spread so widely, often amount to little more than the old Quantity Theory turned on its head.
ISSN:0030-7653
1464-3812
DOI:10.1093/oxfordjournals.oep.a041114