Monetary Theory and Thought: Essays in Honour of Don by Haim Barkai, Stanley Fischer, Nissan Liviatan

By Haim Barkai, Stanley Fischer, Nissan Liviatan

Don Patinkin's pioneering paintings, integrating financial and price thought in a Walrasian common equilibrium context expected via nearly 20 years the road of analysis which makes an attempt to recast macroeconomics via connection with its microeconomic foundations. The idea of an built-in set of markets provided intuitive belief of intermarket linkages. even as it highlighted many of the pitfalls of conventional neoclassical financial research, resembling the inaccurate imputation of unitary elasticity to the call for curve for cash. Patinkin's presentation of normal equilibrium illuminated the trouble in upholding the Keynesian thought of underemployment equilibrium. His insightful efforts to appreciate behaviour in labour markets in disequilibrium led him to supply the 1st good labored out instance of the strong implications of disequilibrium and thereby to put the rules for the disequilibrium research of the Seventies.

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When charged with this possibility, Patinkin replied that while it might be wrong, it was based on a talmudic saying- and led perfectly into the next sentence, the leitmotif of the book, "The natural place, then, to study the workings of monetary forces is directly in the markets for goods". [Discussion of this point with Patinkin based on the first draft of this paper, in which the part of this footnote not in square brackets appears, produced the following elucidation. The point of the talmudic discussion is to provide a rule for when a transaction is deemed to be completed.

This introduces index problems for measuring appropriately a macro price or a macro quantity. In order to aggregate over j, agents must be reckoned in common units, such as persons, equivalent adults, net worth, acreage. Often, aggregation is made over all households, treating each one as equivalent or weighting by number of persons per household. This is practical and simple but does not always lead to accurate macroeconomic analysis. ;t and Xi•t lie between atomistic quantities and complete macro quantities, but they do have significant macroeconomic content.

Xvi). INITIAL REVIEW AND REACTIONS There were at least twelve reviews of the first edition of MIP, almost all of them recognising that they were dealing with a major work. In review articles in the major journals, Carl Christ in the Journal of Political Economy (1957, p. 347) described it as "an important book"; William Fellner in the American Economic Review (1956, p. 947) said the book was "a highly impressive architectonic accomplishment", concluding (p. 955) that "(i]t may be taken for granted that this work will leave a mark on the development of economic theory"; and John Hicks (Economic Journal, 1957, p.

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