Working Papers Home


2014 Working Papers
2013 Working Papers
2012 Working Papers
2011 Working Papers
2010 Working Papers
2009 Working Papers
2008 Working Papers
2007 Working Papers
2006 Working Papers
2005 Working Papers
2004 Working Papers
2003 Working Papers
2002 Working Papers
2001 Working Papers
2000 Working Papers


Search All Papers


JEL Classification


Past Working Papers (Prior to 2000)


Office of Research
Home Page



Information on
Submitting a Paper



 
 
"Can There Be a Theory of Money?"

Salim Rashid

 

First Author :

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

s-rashid@uiuc.edu

http://www.business.uiuc.edu/faculty/rashid.html

 
 
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
 
 
This abstract has been viewed 2447 times.
Click here to view the full text of this paper.