Classical versus Neoclassical Monetary Theories

The Roots, Ruts, and Resilience of Monetarism — and Keynesianism

  • Will E. Mason
  • William N. Butos

Table of contents

  1. Front Matter
    Pages i-xx
  2. Will E. Mason
    Pages 1-8
  3. Will E. Mason
    Pages 9-25
  4. Will E. Mason
    Pages 57-75
  5. Will E. Mason
    Pages 97-114
  6. Will E. Mason
    Pages 135-150
  7. Will E. Mason
    Pages 167-189
  8. Back Matter
    Pages 191-216

About this book


Classical Versus Neoclassical Monetary Theories, completed just before Professor Will E. Mason's untimely death, 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 of the volume 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'.
Classical Versus Neoclassical Monetary Theories will be of interest both to historians of economic thought and monetary and macro economists, as well as to many well-informed followers and fashioners of monetary policy.


Keynes equilibrium general equilibrium monetarism monetary policy monetary theory

Authors and affiliations

  • Will E. Mason
    • 1
  1. 1.The Pennsylvania State UniversityUSA

Editors and affiliations

  • William N. Butos
    • 1
  1. 1.Trinity CollegeUSA

Bibliographic information

  • DOI
  • Copyright Information Springer Science+Business Media New York 1996
  • Publisher Name Springer, Boston, MA
  • eBook Packages Springer Book Archive
  • Print ISBN 978-1-4613-7873-0
  • Online ISBN 978-1-4615-6261-0
  • Buy this book on publisher's site
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Finance, Business & Banking