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"Can There Be a Theory of Money?"

Salim Rashid


First Author :

Salim Rashid
University of Illinois at Urbana-Champaign
1206 S. Sixth Street, M/C 706
Champaign, IL 61820

Abstract :
The possibility of obtaining a 'theory' of money is questioned, where a theory is taken to mean an explanatory framework using a small number of observables. The root of the problem lies in the maximising nature of economic agents. Money is means to effect transactions and savings; what will be used as money depends upon such a miscellany of factors that no 'theory' can be expected to emerge. A critical examination of the Quantity Theory, both as a theory and as a testable proposition, supports this claim.
JEL Classification : B00 , E00
Keywords :
Irving Fisher, Milton Friedman, Monetarism, Monetary Theory, Quantity Theory
Manuscript Received : 2001
Manuscript Published : 2001
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