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On Prices in Myrdal's Monetary Theory

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Author Info

  • Alexander Tobon

    ()
    (EconomiX - CNRS : UMR7166 - Université de Paris X - Nanterre)

Abstract

The 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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File URL: http://halshs.archives-ouvertes.fr/docs/00/10/81/58/PDF/Tobon-HER-Myrdal2.pdf
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Bibliographic Info

Paper provided by HAL in its series Post-Print with number halshs-00108158.

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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
Handle: RePEc:hal:journl:halshs-00108158

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00108158/en/
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Related research

Keywords: Myrdal; monetary equilibrium; cumulative process; prices; profit;

References

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  1. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521645966, October.
  2. 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.
  3. 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.
  4. 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.
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