The Orthodox Interpretation

  • Guglielmo Chiodi


Soon after the Second World War a revival took place in the analysis of the foundations of monetary theory, which had its peak, after several articles, in the well-known work of Patinkin, Money, Interest and Prices (1965). This work is of the utmost importance for the topic here considered: it contains in fact an interpretation of Wicksell’s monetary theory, summing up in an extremely clear way many other interpretations, which all follow — Patinkin’s included of course — a certain and definite viewpoint (as well as a certain and definite ‘vision’ of the economic system) concisely centered on the notions of ‘equilibrium’ and ‘stability’ of equilibrium.1


Equilibrium Price Excess Demand Money Market Neoclassical Theory Cash Balance 
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Copyright information

© Guglielmo Chiodi 1991

Authors and Affiliations

  • Guglielmo Chiodi
    • 1
  1. 1.University of PerugiaItaly

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