Classical versus Neoclassical Monetary Theories: The Roots, Ruts, and Resilience of Monetarism - and Keynesianism (Recent Economic Thought Series)

__Classical Versus Neoclassical Monetary Theories__, completed just before Professor Will E. Mason's untimely death, places recent and mid-20th century monetary theory in a larger historical context, while examining the relevance of contemporary questions in monetary policy. The first half of the volume analyzes the development of the methodological and conceptual foundations of monetary theory, up to and including contemporary mainstream views; the second half addresses more policy-oriented monetary questions. Emphasis is placed on the dichotomy of monetary and value theory, the Walrasian general equilibrium paradigm, the resolution of the `Patinkin controversy', the Federal Reserve System's failed experiment with `pure monetarism', and the misplacement of the free market in the `Chicago paradox'. __Classical Versus Neoclassical Monetary Theories__ will be of interest both to historians of economic thought and monetary and macro economists, as well as to many well-informed followers and fashioners of monetary policy. Classical Versus Neoclassical Monetary Theories, completed just before Professor Will E. Mason's untimely death, places recent and mid-20th century monetary theory in a larger historical context, while examining the relevance of contemporary questions in monetary policy. The first half of the volume analyzes the development of the methodological and conceptual foundations of monetary theory, up to and including contemporary mainstream views; the second half addresses more policy-oriented monetary questions. Emphasis is placed on the dichotomy of monetary and value theory, the Walrasian general equilibrium paradigm, the resolution of the Patinkin controversy', the Federal Reserve System's failed experiment with 'spure monetarism', and the misplacement of the free market in the 'sChicago paradox'. Classical Versus Neoclassical Monetary Theories will be of interest both to historians of economic thought and monetary and macro economists, as well as to many well-informed followers and fashioners of monetary policy Front Matter....Pages i-xx Introduction....Pages 1-8 Classical Monetary Theory....Pages 9-25 The Neoclassical Inversion of Classical Monetary Theory....Pages 27-40 Cambridge Confirmation of the Neoclassical Inversion....Pages 41-56 The Dichotomy: A Methodological Interlude....Pages 57-75 Economic Darwinism Versus Gresham’s Law in the “Development” of Monetary Theory....Pages 77-96 Monetarism and the Disposable Central Bank....Pages 97-114 Monetarist Misconceptions of Money and its Management....Pages 115-133 The Chicago Paradox....Pages 135-150 A Neo-Keynesian Open Economy Alternative to Obsolete Nationalistic Monetarism....Pages 151-166 Conclusion....Pages 167-189 Back Matter....Pages 191-216 Classical Versus Neoclassical Monetary Theories, completed just before Professor Will E. Mason's untimely death, places recent and mid-20th century monetary theory in a larger historical context, while examining the relevance of contemporary questions in monetary policy. Classical Versus Neoclassical Monetary Theories will be of interest to both historians of economic thought and monetary and macro economists, as well as to many well-informed followers and fashioners of monetary policy.