IDEAS home Printed from https://ideas.repec.org/h/pal/pshchp/978-3-030-83426-5_5.html
   My bibliography  Save this book chapter

Classical Monetary Theory and the Quantity Theory

In: Studies in the History of Monetary Theory

Author

Listed:
  • David Glasner

Abstract

This chapter responds to criticisms by (Blaug, M. (1995). Why is the quantity theory the oldest surviving theory in economics? In M. Blaug (Ed.), The quantity theory of money: From Locke to Keynes and Friedman. Edward Elgar.) and (O’Brien, D.P. (1995). Long-run equilibrium and cyclical disturbances: The currency and banking controversy over monetary control. In M. Blaug (Ed.), The quantity theory of money: From Locke to Keynes and Friedman. Edward Elgar.) of the distinction drawn in earlier chapters between the quantity theory and classical (anti-quantity) monetary theory. The criticisms of Blaug are shown to be largely semantic while those of O’Brien are shown to be based on a particular interpretation of the idea of an international price level under the gold standard in contrast to the one used in this volume: equality of tradable goods prices measured in terms of gold. A further response to O’Brien introduces a non-tradable-goods sector which allows for national price-level differences under the gold standard without fundamentally altering the basic propositions of the classical money model presented preceding chapters.

Suggested Citation

  • David Glasner, 2021. "Classical Monetary Theory and the Quantity Theory," Palgrave Studies in the History of Economic Thought, in: Studies in the History of Monetary Theory, chapter 0, pages 113-134, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-83426-5_5
    DOI: 10.1007/978-3-030-83426-5_5
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    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:pal:pshchp:978-3-030-83426-5_5. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    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.