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Monetary Theory
Exactly what is it that distinguishes a money economy from a barter situation? And having empirically perceived the 'function' of money in an economic organization, why do we find it difficult to order these perceptions into a logical framework? This selection of Readings presents a wide range of critical thinking about the inter-relationships of 'monetary' factors, from Senior's paper on the value of money, written in 1829, to Johnson's analysis in 1967 of the role of money in a growth model. All the conventional wisdoms of this period are represented, assessed and found wanting. The quantity theory of money, equilibrium analysis, Keynesian economics and the more recent considerations of economic growth show disparate insights which remain far removed from an integrated theory of money.
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