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La Théorie quantitative de la monnaie

Author

Listed:
  • Jacques Fontanel

    (CESICE - Centre d'études sur la sécurité internationale et les coopérations européennes - UPMF - Université Pierre Mendès France - Grenoble 2 - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble)

Abstract

The quantitative theory of money, the first great economic "law" initiated by Bodin, dominated economic thought until the beginning of the 20th century. According to it, a variation in the quantity of money leads to a proportional and synchronous variation in prices. There are several formulations of this law, with Cantillon, Ricardo, Walras or Fisher. Today the questions of the validity of the theory are stated, it has been contested, and attempts to rehabilitate it have been initiated by Milton Friedman or Patinkin. In the end, it is possible to consider that monetary creation does not necessarily lead to a rise in prices and that the monetary equilibrium is unstable, which leads to inflationary pressures, especially in a situation of strong growth. Monetary theories differ on the role of money in the economy. Classical and neo-classical theories consider that money is neutral; Keynesians assert that money is active.

Suggested Citation

  • Jacques Fontanel, 1988. "La Théorie quantitative de la monnaie," Post-Print hal-03041953, HAL.
    • Handle: RePEc:hal:journl:hal-03041953
    Note: View the original document on HAL open archive server: https://hal.univ-grenoble-alpes.fr/hal-03041953
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