EconPapers    
Economics at your fingertips  
 

What happens in recessions? A value-theoretic approach to Liquidity Preference

Alan Freeman

MPRA Paper from University Library of Munich, Germany

Abstract: This paper develops the paper entitled ‘‘Time, the Value of Money and the Quantification of Value’ which was presented at the conference of the Middle East Technical University in September 1998. It presents the case for a value-theoretic treatment of liquidity preference in axiomatic form, based on a temporal analysis. It discusses why temporal analysis is universally excluded from economic discourse. It argues that economic thought is divided not by the schism between classical and marginal, but the chasm between time and equilibrium. This divide is found in more or less every branch and every period in the history of economic thought; the classical variant of equilibrium appeared as Say’s Law, while the Austrians tried to become the temporal variant of marginalism. It suggests that the ‘Weintraub-Davidson-Eichner’ project is an attempt to identify what ‘temporalist’ approaches have in common. It argues there is a new element to this project, namely the growing body of evidence that Marx, too, was a temporalist, and that the temporal interpretation of Marx has more in common with Post-Keynesianism than it has with the rest of Marxism.

Keywords: Liquidity; Value; Quantification; MELT; MEL; Money; Labour; Marx; TSSI; Temporalism; Liquidity; Value; Quantification; MELT; MEL; Money; Labour; Marx; TSSI; Temporalism (search for similar items in EconPapers)
JEL-codes: B12 B14 B41 B51 O41 (search for similar items in EconPapers)
Date: 1998-09-12
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/2572/1/MPRA_paper_2572.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:2572

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().

 
Page updated 2025-03-19
Handle: RePEc:pra:mprapa:2572