 The missing equation in E.W. Kemmerer (1903) and I. Fisher (1892, 1911)Jérôme de Boyer Des Roches
Post-Print from HAL Abstract: In his 1903 thesis - "Money and credit instruments in their relation to general prices" - published in 1907, E.W. Kemmerer argued that the market prices of goods cannot be determined by the equations of demand and supply of goods without introducing the "missing" equilibrium equation of monetary demand and monetary supply. Taking into account Patinkin's (1965) distinction between money and accounting prices, we discuss Kemmerer's theory in the light of Fisher's (1892) analysis of the determination of the market prices of goods in his article - "Mathematical Investigations in the Theory and Value of Prices". Then we consider Fisher (1911) when he introduced the "missing" transaction equation in The Purchasing Power of Money. Thereafter, we consider the hidden equation that enables Fisher to conceive his compensated dollar plan and show that he used two distinct equations to determine one price. In the hole, the theoretical basis of Fisher's plan is not compatible with his quantity theory. Keywords: Accounting prices; compensated dollar plan; money prices; Quantity theory of money; Kemmerer; Edwin Walter (1875-1945); Fisher; Irving (1867-1947); Patinkin; Mark (search for similar items in EconPapers) Published in 17th ESHET Annual Conference, 2013, Kingston, United Kingdom There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01497401 Access Statistics for this paper More papers in Post-Print from HAL |
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