On Prices in Myrdal's Monetary Theory
AbstractThe aim of this paper is to show how Myrdal monetary theory can contribute to the study of the behaviour of prices in disequilibrium. The analysis explains the existence of a cumulative process based on the capacity of the entrepreneur to anticipate price variations. The variation in prices explains the persistence of the cumulative process. This, we argue, represents an opposite view of the one contained in Wicksell's theory. Myrdal's theory leads to the rejection of the quantity theory of money based on Wicksell's approach. This comes as a surprising result knowing Wicksell believed his results confirmed this theory.
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Date of creation: 20 Jun 2006
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Publication status: Published, History of Economic Review, 2006, 43, 88-100
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Myrdal; monetary equilibrium; cumulative process; prices; profit;
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- Laidler,David, 1999.
"Fabricating the Keynesian Revolution,"
Cambridge University Press, number 9780521641739, December.
- Dostaler, Gilles, 1990. "An Assessment of Gunnar Myrdal's Early Work in Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 12(02), pages 196-221, September.
- Ohlin, Bertil, 1978. " Keynesian Economics and the Stockholm School: A Comment on Don Patinkin's Paper," Scandinavian Journal of Economics, Wiley Blackwell, vol. 80(2), pages 144-47.
- Hicks, J. R., 1975. "Value and Capital: An Inquiry into some Fundamental Principles of Economic Theory," OUP Catalogue, Oxford University Press, edition 2, number 9780198282693.
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