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On Prices in Myrdal’s Monetary Theory

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  • 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.

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  • 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
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    6. 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.
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    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.

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