Wicksell vs the Classics on the Mechanics of the Quantity Theory: A Comment on Abiakpor |
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| Authors: | Michael J. Gootzeit |
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| Affiliation: | Michael J. Gootzeit is Professor of Economics at the University of Memphis, Memphis, TN 38152, U.S.A.;Fax: 901)678-2685 Phone: (901)678-4625 E-mail: Home Page: |
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| Abstract: | ABSTRACT Did Wicksell misinterpret the classics ideas on monetary theory as Ahiakpor would have us believe or did he merely refine and add some original analysis based on this theory of the cumulative process? Regarding Marshall's ideas on money as the distillation of classical monetary theory: did Wicksell accuse Marshall (and therefore the classics) wrongly of assuming velocity constant during short period business fluctuations? Did Marshall neglect changes in velocity, focusing instead on movements in real income? |
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