The hereditary and relativistic formulation of the demand for money: circular reasoning or a real structural relation? [Reprinted from the American Economic Review, LXV, n. 3,]

June 1975.

8vo, pp. 454-464; a clean and crisp copy in red printed wrappers.

£100

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The hereditary and relativistic formulation of the demand for money: circular reasoning or a real structural relation? [Reprinted from the American Economic Review, LXV, n. 3,]

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The Nobel Prize economist Allais obtained the most prestigious of commendations for his pioneering contributions to the theory of markets and efficient utilization of resources. In this paper Allais takes issue with a note by J.L. Scadding, published in the same journal in March 1972, ‘on various aspects of the reformulation of the Quantity Theory of Money which I have put forward. Although his comments seem to me to rest on factual errors and paralogisms, they are well worth discussing, for Scadding’s view of the basic significance of the new hereditary and relativistic theory seems to be shared by some economists’ (p. 454).

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