Misinterpreting Gustav Cassel Origins and Implications for the Contemporary Literature

Imad A. Moosa

History of Economics Review, 1999, vol. 30, issue 1, 41-55

Abstract: This paper puts forward the proposition that Gustav Cassel, the modern originator of the purchasing power parity (PPP) hypothesis, has been misinterpreted and that the theory he suggested is not the theory that is portrayed in the contemporary literature. It is argued that this misinterpretation has led to several pitfalls, including the futile distinction between absolute and relative PPP and viewing PPP as an arbitrage relationship.

Date: 1999
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DOI: 10.1080/10370196.1999.11733311

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