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Article: Wicksell vs the Classics on the Mechanics of the Quantity Theory: A Comment on Ahiakpor.(response to article by James C.W. Ahiakpor in this issue, p. 436)
- Article from:
- The American Journal of Economics and Sociology
- Article date:
- July 1, 1999
- Author:
CopyrightCOPYRIGHT 1999 American Journal of Economics and Sociology, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Introduction
James C. W. Ahiakpor would have us believe that Wicksell misinterpreted the classical economists' ideas, especially on the quantity theory, but also generally on "monetary analysis," which seems to include the theory of credit and interest. I will focus on Wicksell's ideas on the quantity theory, showing that they may be viewed as an evolution from the classical or orthodox views of the simple quantify theory, which at least some earlier 19th century economists such as Ricardo and Mill described. Wicksell, therefore, did not misinterpret the classical quantity theory, rather he refined it, noting certain details that he believed were left ...