Don Patinkin and the origins of postwar monetary orthodoxy

Perry Mehrling

The European Journal of the History of Economic Thought, 2002, vol. 9, issue 2, 161-185

Abstract: Don Patinkin's Money, Interest, and Prices (1956) set the ground rules of postwar monetary discourse, for better or worse. A close look at the intellectual origins of the book in Patinkin's own life shows it to emerge equally from the Old Chicago School of Simons/Mints/Knight and the Cowles Commission of Lange/Marschak/Haavelmo. Patinkin's conception of money as essentially an outside asset is argued to emerge from the historical context of war finance, and is contrasted with the Gurley-Shaw conception of money as a form of inside credit.

Keywords: Don Patinkin; Real Balance Effect; Chicago School; Quantity Theory Of Money; Inside Money (search for similar items in EconPapers)
Date: 2002
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DOI: 10.1080/09672560210129668

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