IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-01497401.html
   My bibliography  Save this paper

The missing equation in E.W. Kemmerer (1903) and I. Fisher (1892, 1911)

Author

Listed:
  • Jérôme de Boyer Des Roches

    (LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

Abstract

In his 1903 thesis - "Money and credit instruments in their relation to general prices" - published in 1907, E.W. Kemmerer argued that the market prices of goods cannot be determined by the equations of demand and supply of goods without introducing the "missing" equilibrium equation of monetary demand and monetary supply. Taking into account Patinkin's (1965) distinction between money and accounting prices, we discuss Kemmerer's theory in the light of Fisher's (1892) analysis of the determination of the market prices of goods in his article - "Mathematical Investigations in the Theory and Value of Prices". Then we consider Fisher (1911) when he introduced the "missing" transaction equation in The Purchasing Power of Money. Thereafter, we consider the hidden equation that enables Fisher to conceive his compensated dollar plan and show that he used two distinct equations to determine one price. In the hole, the theoretical basis of Fisher's plan is not compatible with his quantity theory.

Suggested Citation

  • Jérôme de Boyer Des Roches, 2013. "The missing equation in E.W. Kemmerer (1903) and I. Fisher (1892, 1911)," Post-Print hal-01497401, HAL.
    • Handle: RePEc:hal:journl:hal-01497401
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-01497401. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.