Reconstructing the Quantity Theory (I)
AbstractThe quantity theory is disjunct to the hard core of general equilibrium theory. It does not relate to the formal foundations of standard economics and, vice versa, from the behavioral axioms of standard economics a rationale for using money cannot be derived. The present paper leaves the standard axioms aside and reconstructs the quantity theory from entirely new structural axiomatic foundations. This gives a coherent view of the interrelations of quantity of money, transaction money, saving–dissaving, liquidity–illiquidity, rates of interest, leverage, allocation, prices, profits, unit of account, and employment.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 32421.
Date of creation: 26 Jul 2011
Date of revision:
New framework of concepts; Structure-centric; Axiom set; Money-credit symmetry; Endogeneity; Accommodation; Neutrality; Store of value; Overlapping generations; Full gold-backing; Declarative changes of the unit of account; Contract equation; Perfect inflation; Real balance effect;
Other versions of this item:
- E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-08-02 (All new papers)
- NEP-HPE-2011-08-02 (History & Philosophy of Economics)
- NEP-MAC-2011-08-02 (Macroeconomics)
- NEP-MON-2011-08-02 (Monetary Economics)
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