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And criticising all modern monetary theory for the tendency to conduct the analysis how
If the prices always changed simultaneously, it almost completely remained in
Channel of the quantitative theory of Irving Fisher (even putting forward arguments against
Economic process, consists that understanding of the factors defining
Both value of money, and influence of monetary changes on cost of the concrete
The goods, generally it has been lost. I cannot try to give here at least
The compressed retelling of this central section of the theory of money also is compelled
To be limited to the recommendation to the economists who had misfortune to study the theory of money
Aspiring to understand the theory of value of money, to meet a lack, having worked at first
Two volumes of "the Theory of the prices" A.U.Mardzheta London,
2 vols., Prentice-Hall, The Theory of Prices, 1938, New York, Arthur W. Marget and 1942, and having lowered then
The literature most part for the next 25 years to address to the recent book
Professors Akselja Lejonhufvuda Axel Leijonhufvud, London, On Keynesian Economics and
the Economics of Keynes, 1968, Oxford University Press and New York
, capable to serve
The guidebook to jobs of the period which it is not necessary to pass.
The remark on monetarism
Since reaction of the protest against domination has had an effect
Considered erroneous negation of that fact by Keynes that "inflationary or
Deflationary movement is usually called, or inevitably accompanied...
Changes in quantity of money and speed of their reference "
of Hohn Maynard Keynes, London, 1951, p. 513>. This monetarism, certainly,
All economists, except for very few adhered to Keynes almost
Dissidents and odd fellows, switching on in particular those European economists,
Which because of the councils in the field of economic policy bear
Responsibility for great inflations of 20th years. I agree with these
Monetarists, in particular, that now, possibly, is considered their key
Point, namely that any inflation represents, being expressed
The modern language, demand inflation (demand-pull inflation) also what not
Exists if to speak about the economic mechanism, such phenomenon as
Inflation of costs - if only not to consider as a part of the economic
Cause and effect dependences political decisions on increase
Quantities of money in reply to increase of rates of wages, because
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