IDEAS home Printed from https://ideas.repec.org/a/taf/rherxx/v43y2006i1p88-100.html
   My bibliography  Save this article

On Prices in Myrdal’s Monetary Theory

Author

Listed:
  • Alexander Tobon

Abstract

The aim of this paper is to show how Myrdal’s 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 to 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, given that Wicksell believed his results confirmed this theory.

Suggested Citation

  • Alexander Tobon, 2006. "On Prices in Myrdal’s Monetary Theory," History of Economics Review, Taylor & Francis Journals, vol. 43(1), pages 88-100, January.
    • Handle: RePEc:taf:rherxx:v:43:y:2006:i:1:p:88-100
    DOI: 10.1080/18386318.2006.11681223
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/18386318.2006.11681223
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/18386318.2006.11681223?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521641739.
    2. Bent Hansen, 1981. "Unemployment, Keynes, and the Stockholm School," History of Political Economy, Duke University Press, vol. 13(2), pages 256-277, Summer.
    3. 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.
    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(2), pages 196-221, October.
    5. 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 144-147.
    6. Jonung,Lars (ed.), 1991. "The Stockholm School of Economics Revisited," Cambridge Books, Cambridge University Press, number 9780521391276.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Alexander Tobon & Nicolas Barbaroux, 2015. "Credit and Prices in Woodford's New Neoclassical Synthesis," Economic Thought, World Economics Association, vol. 4(1), pages 21-46, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Siven, Claes-Henric, 2000. "Analytical Foundations of Erik Lindahl's Monetary Analysis, 1924-30," Research Papers in Economics 2000:14, Stockholm University, Department of Economics.
    2. Agnès Festré, 2002. "Money, Banking and Dynamics: Two Wicksellian Routes from Mises to Hayek and Schumpeter," American Journal of Economics and Sociology, Wiley Blackwell, vol. 61(2), pages 439-480, April.
    3. Nicolas Barbaroux & Michel Bellet, 2013. "Monetary policy and value judgments. Did we forget Myrdal's legacy?," Post-Print halshs-00759880, HAL.
    4. Dostaler, Gilles, 1991. "Les premiers travaux économiques de Gunnar Myrdal," L'Actualité Economique, Société Canadienne de Science Economique, vol. 67(2), pages 192-217, juin.
    5. Rogério Arthmar, 2001. "O conceito clássico de poupança e a Escola de Estocolmo [The classical concept of saving and the Stockholm School]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 11(2), pages 51-82, December.
    6. Nicolas Barbaroux & Michel Bellet, 2014. "Monetary Policy and Value Judgments : Did we forget Myrdal’s legacy ?," Working Papers 1408, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
    7. Claudio Borio, 2013. "On Time, Stocks and Flows: Understanding the Global Macroeconomic Challenges," National Institute Economic Review, National Institute of Economic and Social Research, vol. 225(1), pages 3-13, August.
    8. V. Ragupathy & Stefano Zambelli & K. Vela Velupillai, 2013. "A Non-linear Model of the Trade Cycle: Mathematical Reflections on Hugh Hudson's Classic," Australian Economic Papers, Wiley Blackwell, vol. 52(2), pages 115-125, June.
    9. Mauro Boianovsky, 2004. "The IS-LM Model and the Liquidity Trap Concept: From Hicks to Krugman," History of Political Economy, Duke University Press, vol. 36(5), pages 92-126, Supplemen.
    10. Ramesh Chandra & Roger J. Sandilands, 2021. "Nicholas Kaldor, increasing returns and Verdoorn’s Law," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 44(2), pages 315-339, April.
    11. Béraud, Alain, 2003. "Keynes et Pigou sur le salaire monétaire et l’emploi : une synthèse du débat," L'Actualité Economique, Société Canadienne de Science Economique, vol. 79(1), pages 147-162, Mars-Juin.
    12. Jesús Cuaresma & Ernest Gnan, 2007. "The natural rate of interest: which concept? which estimation method? which policy conclusions?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 29(4), pages 667-688.
    13. Fratini, Saverio M. & Levrero, Enrico Sergio, 2009. "A remark on the supposed equivalence between complete markets and perfect foresight hypothesis," MPRA Paper 15988, University Library of Munich, Germany.
    14. Yiding Feng & Brendan Lucier & Aleksandrs Slivkins, 2023. "Strategic Budget Selection in a Competitive Autobidding World," Papers 2307.07374, arXiv.org, revised Nov 2023.
    15. Robert W. Dimand, 2012. "The Roots of the Present are in the Past: The Relation of Postwar Developments in Macroeconomics to Interwar Business Cycle and Monetary Theory," Chapters, in: Thomas Cate (ed.), Keynes’s General Theory, chapter 5, Edward Elgar Publishing.
    16. Roger E. Backhouse & Bradley W. Bateman, 2009. "Keynes and Capitalism," History of Political Economy, Duke University Press, vol. 41(4), pages 645-671, Winter.
    17. Thomas M. Humphrey, 2000. "Monetary policy frameworks and indicators for the Federal Reserve in the 1920s," Working Paper 00-07, Federal Reserve Bank of Richmond.
    18. Haavio, Markus & Mendicino, Caterina & Punzi, Maria Teresa, 2013. "Financial and economic downturns in OECD countries," Bank of Finland Research Discussion Papers 35/2013, Bank of Finland.
    19. Kakarot-Handtke, Egmont, 2011. "Squaring the investment cycle," MPRA Paper 32895, University Library of Munich, Germany.
    20. David Laidler, 2013. "Professor Fisher and the quantity theory -- a significant encounter," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(2), pages 174-205, April.

    More about this item

    Statistics

    Access and download statistics

    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:taf:rherxx:v:43:y:2006:i:1:p:88-100. 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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/rher .

    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.