Titlebook: Studies in the History of Monetary Theory; Controversies and Cl David Glasner Book 2021 The Editor(s) (if applicable) and The Author(s), un

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A Reinterpretation of Classical Monetary Theoryts. The chapter also suggests that Smith, Say, Ricardo, Mill, and the Banking School had an intuitive understanding of such a model in contrast to David Hume and the Currency School who espoused the quantity theory.

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On Some Classical Monetary Controversiesg his law of the markets. Say’s Law (Identity) is in fact analytically equivalent to Fullarton’s law of reflux. Cairnes’s Humean quantity-theoretic interpretation of the effects of gold discoveries in California and Australia is shown to be inferior to an interpretation consistent with a Smithian classical interpretation.

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The Real-Bills Doctrine in the Light of the Law of Refluxe paper discusses Smith’s reasoning in support of the real-bills doctrine in comparison to Fullarton’s analysis of the law of reflux as well as Fullarton’s equivocal attitude toward the real-bills doctrine.

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Rules Versus Discretion in Monetary Policy Historically Contemplatedsed a quantity rule as an adjunct to the gold standard, because the gold standard had performed unsatisfactorily after being restored in Britain in 1821. This chapter considers the historical development of different versions of quantity and price rules and the reasons why rules of either type have been found wanting.

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Monetary Disequilibrium and the Demand for Money in Ricardo and Thorntonumption that the demand for money is unchanged despite a bad harvest. In contrast, Thornton, anticipating Wicksell’s natural-rate theory, did not take a uniform international price level as a benchmark given the suspension of convertibility. But, like Ricardo, Thornton implicitly made the untenable assumption of unchanged demand for money.

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Where Keynes Went Wrong undertake a more radical revision of his views in the . than he initially contemplated. By doing so, he departed from the views of Ralph Hawtrey to whose monetary theory of the Great Depression he had been sympathetic.

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Pre-Keynesian Monetary Theories of the Great Depression: Whatever Happened to Hawtrey and Cassel? (wstav Cassel, who both warned that restoring the gold standard would cause catastrophic deflation unless monetary demand for gold was limited by international cooperation. We also suggest possible reasons why the Hawtrey-Cassel explanation was overlooked and forgotten.