Abstract
We can now bring the argument of the previous chapter together and develop some of its aspects further.
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Notes and References
Keynes, General Theory, p. 167, n. 1. In this respect it is helpful to think in terms of primary (legal-tender) money and secondary (bank-deposit) money components of the quantity of directly spendable resources. In the British context the distinction between current (demand) and deposit-account (time) deposits is insignificant. The most successful a priori demonstration that money should be defined as co-extensive with (clearing bank) deposits is provided by W. T. Newlyn, Theory of Money (Oxford: Clarendon Press, 1962). Though Friedman dismisses this approach, he reaches the same conclusion by an entirely different route: see Friedman and Schwartz, ‘Definition of Money’.
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© 1987 Gordon A. Fletcher
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Fletcher, G.A. (1987). The Conditions for Money as the Standard. In: The Keynesian Revolution and its Critics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-08736-5_12
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DOI: https://doi.org/10.1007/978-1-349-08736-5_12
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