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Classical versus Neoclassical Monetary Theories

The Roots, Ruts, and Resilience of Monetarism — and Keynesianism

  • Book
  • © 1996

Overview

Authors:
  1. Will E. Mason

    1. The Pennsylvania State University, USA

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Editors:
  1. William N. Butos

    1. Trinity College, USA

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Table of contents (11 chapters)

  1. Front Matter

    Pages i-xx
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  2. Introduction

    • Will E. Mason
    Pages 1-8

  3. Classical Monetary Theory

    • Will E. Mason
    Pages 9-25

  4. The Neoclassical Inversion of Classical Monetary Theory

    • Will E. Mason
    Pages 27-40

  5. Cambridge Confirmation of the Neoclassical Inversion

    • Will E. Mason
    Pages 41-56

  6. The Dichotomy: A Methodological Interlude

    • Will E. Mason
    Pages 57-75

  7. Economic Darwinism Versus Gresham’s Law in the “Development” of Monetary Theory

    • Will E. Mason
    Pages 77-96

  8. Monetarism and the Disposable Central Bank

    • Will E. Mason
    Pages 97-114

  9. Monetarist Misconceptions of Money and its Management

    • Will E. Mason
    Pages 115-133

  10. The Chicago Paradox

    • Will E. Mason
    Pages 135-150

  11. A Neo-Keynesian Open Economy Alternative to Obsolete Nationalistic Monetarism

    • Will E. Mason
    Pages 151-166

  12. Conclusion

    • Will E. Mason
    Pages 167-189

  13. Back Matter

    Pages 191-216
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Keywords

About this book

Classical Versus Neoclassical Monetary Theories, completed just before Professor Will E. Mason's untimely death, places recent and mid-20th century monetary theory in a larger historical context, while examining the relevance of contemporary questions in monetary policy. The first half of the volume analyzes the development of the methodological and conceptual foundations of monetary theory, up to and including contemporary mainstream views; the second half addresses more policy-oriented monetary questions. Emphasis is placed on the dichotomy of monetary and value theory, the Walrasian general equilibrium paradigm, the resolution of the `Patinkin controversy', the Federal Reserve System's failed experiment with `pure monetarism', and the misplacement of the free market in the `Chicago paradox'.
Classical Versus Neoclassical Monetary Theories will be of interest both to historians of economic thought and monetary and macro economists, as well as to many well-informed followers and fashioners of monetary policy.

Authors, Editors and Affiliations

  • Trinity College, USA

    William N. Butos

  • The Pennsylvania State University, USA

    Will E. Mason

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