Classical versus Neoclassical Monetary Theories: The Roots, Ruts, and Resilience of Monetarism - and Keynesianism

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Completed just before Professor Mason’s death, this volume places recent and mid-20th century monetary theory in a larger historical context, while examining the relevance of contemporary questions in monetary policy. The first half analyzes the development of the methodological and conceptual foundations of monetary theory, up to and including contemporary mainstream views; the second half addresses more policy-oriented monetary questions. Emphasis is placed on the dichotomy of monetary and value theory, the Walrasian general equilibrium paradigm, the resolution of the “Patinkin controversy’, the Federal Reserve System’s failed experiment with "pure monetarism’, and the misplacement of the free market in the "Chicago paradox’.