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The dichotomy once again

Author

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  • Frank Hahn

Abstract

Patinkin's contribution to monetary theory is discussed with particular attention given to his 'dichotomy argument'. It is shown that he is perfectly correct, but there is a confusion in the literature between the 'neutrality proposition' and the independence of equilibrium of the quantity of money. I then turn to homogeneity and its importance, and stress that the homogeneity applies to current as well as expected prices. I am rather unkind to mathematizing the double coincidence of wants argument, since it seems very obvious and the mathematics is exceptionally ugly. The paper concludes with remarks on monetary policy and the connection between the theory of money and that of information.

Suggested Citation

  • Frank Hahn, 2002. "The dichotomy once again," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 260-267.
    • Handle: RePEc:taf:eujhet:v:9:y:2002:i:2:p:260-267
    DOI: 10.1080/09672560210130701
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    Cited by:

    1. Heinz-Peter Spahn, 2003. "Money as a Social Bookkeeping Device: From Mercantilism to General Equilibrium Theory," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 227/2003, Department of Economics, University of Hohenheim, Germany.
    2. Gerasimos T. Soldatos & Erotokritos Varelas, 2015. "On The Quantity Theory Of Money, Credit, And Seigniorage," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 9(5), pages 93-102.

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