Legal Restriction Theory and the Rate-of-Return Dominance of Money

Filippo Cesarano

The Manchester School of Economic & Social Studies, 1994, vol. 62, issue 2, 199-208

Abstract: In this paper, recent contributions to the legal restrictions theory of money are critically examined from the perspective of received monetary economics. In particular, it is shown that, contrary to some interpretations, M. Friedman's work on the optimum quantity of money does not support the legal restrictions theory but follows a diametrically opposite approach. Furthermore, it is contended that there is a strict relationship between the theoretical foundations of money and interest rate dominance so that the latter is consistent with the essential properties of a monetary economy. Copyright 1994 by Blackwell Publishers Ltd and The Victoria University of Manchester

Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:bla:manch2:v:62:y:1994:i:2:p:199-208

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