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Keynes's "Finance" Demand for Liquidity, Robertson's Loanable Funds Theory, and Friedman's Monetarism

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  • S. C. Tsiang

Abstract

This paper argues that Keynes's concession on the finance demand for liquidity provides the key for the reconciliations of the liquidity preference theory to the loanable funds theory and of the stock approach with the flow approach. On many practical issues, Robertson is shown to be right, and Keynes wrong. It also shows that the modern arch-critic of Keynes, Friedman, is himself under Keynes's influence in relying exclusively upon the stock (or portfolio) approach to the neglect of the influences of flow decisions on the money demand. His attempt to combine Keynes and Fisher is shown not workable.

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  • S. C. Tsiang, 1980. "Keynes's "Finance" Demand for Liquidity, Robertson's Loanable Funds Theory, and Friedman's Monetarism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 94(3), pages 467-491.
    • Handle: RePEc:oup:qjecon:v:94:y:1980:i:3:p:467-491.
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    Cited by:

    1. Luis Lorente, 1991. "Políticas monetarias e inflación, Colombia 1951-1989," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, June.
    2. Nadler, Mark Alan, 1983. "An analysis of some of the issues raised in the liquidity-preference loanable funds interest rate controversy," ISU General Staff Papers 198301010800009946, Iowa State University, Department of Economics.

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