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On Prices in Myrdal's Monetary Theory

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  • Alexander Tobon

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

The aim of this paper is to show how Myrdal 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 of 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 knowing Wicksell believed his results confirmed this theory.

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  • Alexander Tobon, 2006. "On Prices in Myrdal's Monetary Theory," Post-Print halshs-00108158, HAL.
    • Handle: RePEc:hal:journl:halshs-00108158
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00108158
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    References listed on IDEAS

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    1. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521641739, October.
    2. Bent Hansen, 1981. "Unemployment, Keynes, and the Stockholm School," History of Political Economy, Duke University Press, vol. 13(2), pages 256-277, Summer.
    3. Hicks, J. R., 1975. "Value and Capital: An Inquiry into some Fundamental Principles of Economic Theory," OUP Catalogue, Oxford University Press, edition 2, number 9780198282693.
    4. 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.
    5. repec:bla:scandj:v:80:y:1978:i:2:p:144-47 is not listed on IDEAS
    6. Jonung,Lars (ed.), 1991. "The Stockholm School of Economics Revisited," Cambridge Books, Cambridge University Press, number 9780521391276, 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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    More about this item

    Keywords

    Myrdal; monetary equilibrium; cumulative process; prices; profit;
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