The rate of interest independent of the rate of profit: a review of Matthew Smith’s Tooke

19/06/2013 § Leave a comment

If a significant monetary theory is a theory in which money can exert a non-transient influence on both the level and the distribution of the social product, the classical theory, unlike marginalism, can make room for a significant theory of money. The extent to which classical authors have exploited, more or less consistently, this opportunity is the constructive content of classical monetary theory, and marks the main differences between the individual authors of that school. pdf

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