From Marketability to Flexibility: Pantaleoni’s ‘Impure’ Theory of Money and Banking

Nicola Giocoli

History of Economics Review, 2008, vol. 48, issue 1, 39-62

Abstract: Flexibility is the central feature of Maffeo Pantaleoni’s analysis of both money and banking. His approach is based on the proposition that the most important function of money and banking is to loosen the real and temporal constraints on production and exchange activities, which are due to a relationship of complementarity between the factors of production. This proposition is crucial if one wishes to understand how Pantaleoni turned from the ‘pure’ equilibrium theory of the 1889 Principii to the ‘impure’ theory of his later essays, where no general or partial equilibrium may arise.

Date: 2008
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DOI: 10.1080/18386318.2008.11682130

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